I am looking for the correct answer to this general accounting question with appropriate explanations. Everest Industries Co. used $95,000 of direct materials and incurred$50,000 of direct labor costs during the current year. Indirect laboramounted to $4,000, while indirect materials used totalled $3,500.Other operating costs pertaining to the factory included utilities of$5,000, maintenance of $6,000, supplies of $3,000, depreciation of$11,000, and property taxes of $3,500. There was no beginning orending finished goods inventory, but work-in-process inventory beganthe year with a $7,000 balance and ended the year with a $9,000balance.Prepare a statement of the cost of goods manufactured.

Step 1: Detailed Explanation of Cost of Goods ManufacturedCost of Goods Manufactured (COGM)…

Answered: Everest Industries Co. used $95,000 of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. Required: Prepare a schedule of cost of goods manufactured. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on Statement of Cost of Goods Manufactured.
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs included factory utilities of $3,100; maintenance on the factory of $4,500; factory supplies of $1,800; depreciation of the factory equipment of $7,900; and property taxes on the factory of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. What is the total overhead?
Bellmont Manufacturing used
Please provide accurate answer
Statment of the cost of goods manufactured?
Crane incurred the following costs while manufacturing its product: Materials used in production, $144000; factory depreciation, $84000; property taxes on the administrative offices, $36000; labor costs of assembly-line workers, $119000; factory supplies used, $32000; advertising expense, $37000; property taxes on the factory, $44000; delivery expense, $47000; salaries of the sales staff, $77000; and sales commissions, $41000. The total product costs for Crane are O $583000. O $459000. O $661000. O $423000. Toxtbook and Media
The accounting records of Summit Enterprises revealed the following selected costs: Sales commissions, $50,000; depreciation on factory equipment, $130,000; and administrative expenses, $140,000. What is Summit Enterprises' period costs total? The accounting records of Evergreen Corporations revealed the following selected costs: Sales commissions, $72,000; depreciation on office building, $90,000; and administrative expenses, $160,000. What is Evergreen Corporations' period costs total? The accounting records of Blue Horizon Ltd. revealed the following selected costs: Sales commissions, $45,000; advertising expenses, $100,000; and administrative expenses, $155,000. What is Blue Horizon Ltd.'s period costs total? The accounting records of Mountain Ridge Inc. revealed the following selected costs: Sales commissions, $60,000; insurance on factory machinery, $75,000; and administrative expenses, $180,000. What is Mountain Ridge Inc.'s period costs total? The accounting records of Sunset…
Steuben Company produces dog houses. During the current year, Steuben Company incurred the following costs: Rent on manufacturing facility $ 250,000 Office manager's salary 150, 000 Wages of factory machine operators 110,000 Depreciation on manufacturing equipment 50,000 Insurance and taxes on selling and administrative offices 30, 000 Direct materials purchased and used 170,000 Based on the above information, which of the following would not be treated as a product cost: Multiple Choice Depreciation on manufacturing equipment Wages of factory machine operators Office manager's salary Rent expense incurred on manufacturing facility Su Ac Su
Harshman Company constructed a building for its own use. The company incurred costs of $40,000 for materials and supplies, $60,000 for direct labor, and $6,000 for a supervisor's overtime that was caused by the construction. Harshman uses a factory overhead rate of 50% of direct labor cost. Before construction, the company had received a bid of $149,000 from an outside contractor. Assuming common practice is followed, at what value should Harshman capitalize the building? I answred 180500 which was incorrect. I need to know the right answer please with explanation.
Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 21,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 55,000 Indirect labor in the factory 38,000 Depreciation on factory equipment 8,500 Sales commissions 33,000 Sales salaries 72,000 Advertising 35,000 Depreciation on the headquarters building 10,200 Salary of the corporate receptionist 27,000 Other administrative costs 183,000 Salary of the factory receptionist 29,000 What was the total product cost for last year?
Loring Company incurred the following costs last year: Direct materials $ 216,000 Sales salaries $ 65,000 Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Factory rent 24,000 37,000 Direct labor 120,000 Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment 6,300 10,000 50,000 30,000 30,000 175,000 9,000 Salary of the factory receptionist 28,000 Sales commissions 27,000 Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000.
Horizon Tech reported a cost of goods manufactured of $450,000, with the year- end balance sheet showing work in process of $85,000 and finished goods of $140,000. Additional information disclosed raw materials used in the production amounting to $75,000, direct labor of $120,000, and manufacturing overhead totaling $210,000. Furthermore, Horizon Tech spent $6,000 on employee recreational activities during the year. What must have been the company's beginning work in process? Orion Enterprises reported a cost of goods manufactured of $540,000. The firm's year-end balance sheet revealed work in process and finished goods inventory amounts of $92,000 and $144,000, respectively. Additional information disclosed raw materials used of $95,000, direct labor of $150,000, and manufacturing overhead of $250,000. Moreover, the company spent $7,000 on marketing and advertising during the year. What must have been the company's beginning work in process? A. $125,000 B. None of the other answers…

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