equirement repare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020. egin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect man Benesch Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs ▼ For Specific Date Direct materials inventory, January 1, 2020 Work-in-process inventory, January 1, 2020 Finished goods inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Work-in-process inventory, December 31, 2020 Finished goods inventory, December 31, 2020 For Year 2020 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor $ 17 11 71 27 6 59 $ 310 95 60 6 30 940 265 11 32 62

equirement repare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020. egin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect man Benesch Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs ▼ For Specific Date Direct materials inventory, January 1, 2020 Work-in-process inventory, January 1, 2020 Finished goods inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Work-in-process inventory, December 31, 2020 Finished goods inventory, December 31, 2020 For Year 2020 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor $ 17 11 71 27 6 59 $ 310 95 60 6 30 940 265 11 32 62

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5PA: Wachowski Company reported these cost data for the year 2017. Use the data to complete the following...

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General Account. MCQ help want
Leather Authentic Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2023 calendar year. Sales Revenue Direct Factory Labor Indirect Factory Labor $14,275,000 3,877,400 1,232,250 Total Depreciation ¹ 400,000 Total Utilities 2 525.000 Distribution & Customer Service Costs 76,800 Hireage of Special Labeling Equipment Insurance on Plant & Equipment Property Taxes 3 Administrative Wages & Salaries Advertising Expenses Sales Commission 6% of Sales Revenue 1 Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. ² Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: 75,200 585,000 90,000 1,076,000 57,700 Inventory Data: 1/1/2023 Purchases 31/12/2023 Raw Materials…
Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appr Sentence comp a. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager's salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost. Previous Next
Subject:- General Account
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured.
Under a standard cost system, when recording the use of direct materials in the production process, the debit to Work-in-Process Inventory is A. actual quantity times actual cost per unit of direct materials B. actual quantity times standard cost per unit of direct materials C. standard quantity for actual production times actual cost per unit of direct materials D. standard quantity for actual production times standard cost per unit of direct materials