Exercise 14-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Compute cost of goods manufactured. Cost of goods manufactured $ LINK TO TEXT $128,450 68,460 7,780 112,650 Compute cost of goods sold. Cost of goods sold $ Advertising expense Property taxes on plant Delivery expense Sales commissions 32,520 Salaries paid to sales clerks Work in process inventory was $13,110 at January 1 and $16,700 at December 31. Finished goods inventory was $70,930 at January 1 and $47,100 at December 31. $48,790 17,180 26,800 41,390 53,450

Exercise 14-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Compute cost of goods manufactured. Cost of goods manufactured $ LINK TO TEXT $128,450 68,460 7,780 112,650 Compute cost of goods sold. Cost of goods sold $ Advertising expense Property taxes on plant Delivery expense Sales commissions 32,520 Salaries paid to sales clerks Work in process inventory was $13,110 at January 1 and $16,700 at December 31. Finished goods inventory was $70,930 at January 1 and $47,100 at December 31. $48,790 17,180 26,800 41,390 53,450

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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QS 14-8 Manufacturing cost flows LO C5 Compute the total manufacturing cost for a manufacturer with the following information for the month. Raw materials purchased Direct materials used Direct labor used Factory supervisor salary Salesperson commissions Depreciation expense-Factory building Depreciation expense-Delivery equipment Indirect materials Total Manufacturing Cost is Computed as: Total manufacturing costs $ 46,400 56,750 17,200 11, 200 6,000 3,600 3,300 1,700
8 Introduction to Managerial Accounting $2,260,000 Direct labor 1,375,000 Materials purchased during January Factory overhead incurred during January: 115,000 Indirect labor 90,000 Machinery depreciation 55,000 Heat, light, and power 18,500 Supplies 10,000 Property taxes 33,100 Miscellaneous costs a. Prepare a cost of goods manufactured statement for January. b. Determine the cost of goods sold for January.
9:01 5:34 Manufacturing Overhead consists of which of the following costs: (check all that apply) HUUM ◄ Previous Utilities in the factory Utilities in the corporate office Property taxes on the factory Salary of factory supervisor Materials that are incorporated into a product Prime costs SUBMIT K + CC
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Question 39
Question 7 of 25 Current Attempt in Progress If the cost of direct materials used is $1700000 during a period, compute the total manufacturing costs using the information below. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 11 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation $20000 50000 27000 18000 60000 48000 1700000 690000 220000 75000 500000
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K 22
Unit V question 1
vd subject-Accounting
QUESTION 11 O'Hare Company is a manufacturing firm that uses a job-order cost system to determine the costs of its products. O'Hare Company counted the production supplies on hand at year-end and determined that the amount used was $125. The recognition of this event on the financial statements would include an increase to which of the following accounts? Supply expense. Work in process. Finished goods. Manufacturing overhead.
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