Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500

Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500

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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A7 please help.........
Flounder 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 (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000
The following cost data were taken from the records of A Manufacturing Company: Depreciation on factory equipment, P 1,000; Depreciation on sales office, P 500; Advertising, P 7,000; Freight-out (shipping), P 3,000; Wages of production workers, P 28,000; Raw materials used, P 47,000; Sales salaries and commissions, P 10,000; Factory rent, P 2,000; Factory insurance, P 500; Materials handling, P 1,500; administrative salaries, P 2,000. Required: Total manufacturing costs *
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income tax expense $18,000 Required: Compute the following: a. Manufacturing overhead. b. Work-in-process inventory, 12/31. c. Finished-goods inventory, 1/1. d. Cost of goods sold.
Sunland Company has the following data: Direct labor Direct materials used Total manufacturing overhead Ending work in process inventory Beginning work in process inventory (a) Compute total manufacturing costs. Total manufacturing costs $71,440 78,960 61,100 28,200 42,300
Please organize the list (picture) into the corresponding categories: Product Cost: Direct Materials Product Cost: Direct Labor Product Cost: Manufacturing Overhead Period Cost: Selling Expense Period Cost: Administrative Expense
Compute factory overhead cost from the following costs: Depreciation on factory buildings $ 45,950 Depreciation on office equipment 32,980 Direct materials used 96,840 Indirect labor $ 6,580 a.$78,930 b.$73,000 c.$96,840 d.$52,530
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
Instructions: (a) Prepare the cost of goods manufactured schedule. (b) Compute the cost of goods sold.
Given the following data for ABC Company, calculate (A) cost of goods manufactured and (B) total manufacturing costs : Direct materials used $120,000 Beginning work in process $20,000 Direct labour 100,000 Ending work in process 10,000 Manufacturing overhead 150,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending