**ABC Company Financial Exercise for June**### I. Expenses OverviewABC Company reported the following expenses in June:- **Factory Utilities Expense:** $12,000- **Depreciation on Factory Equipment:** $13,500- **Materials Stockroom People’s Salaries (factory):** $48,900- **Indirect Materials:** $20,000- **Direct Materials Used:** $200,000- **Factory Manager's Salary:** $20,000- **Depreciation on Sales Office Copy Machines:** $10,000- **Direct Labor:** $130,000- **Salespeople’s Salaries:** $65,000- **Property Taxes on Factory Equipment:** $10,000- **Property Taxes on Sales Office:** $3,500- **Factory Building Repairs:** $4,200- **Advertising Expense:** $43,000- **Office Supplies for Admin Office Expense:** $3,000**Tasks:**1. Determine the total amount for: - Total Manufacturing Overhead - Total Manufacturing/Product Costs - Total Non-Manufacturing/Period Costs### II. Ending June 30 RecordsFor ABC Company, on June 30:- **Revenue:** $1,600,000- **Raw Materials Purchased in Month:** $150,000- **Direct Labor Cost:** $55,000- **Advertising Expense:** $25,000- **Rent on Factory:** $42,000- **Sales Commissions:** $70,000- **Maintenance Expense on Factory Equipment:** $22,000- **Supplies for the Factory:** $3,500- **Depreciation on Factory Equipment:** $35,000- **Indirect Labor Cost:** $50,600- **Utilities Expense for Factory:** $12,000- **Depreciation on Sales Office Cars:** $22,000**Inventory Data:**- **Beginning Inventory:** - Raw Materials: $12,000 - Work In Progress (WIP): $15,000 - Finished Goods: $35,000- **Ending Inventory:** - Raw Materials: $8,000 - WIP: $20,000 - Finished Goods: $40,000**Request:**Prepare the Cost of Goods Manufactured and Cost of Goods Sold for the month.###

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

I. ABC company had the following expenses in June. $ 130,000 65,000 12,000 Direct labor Factory Utilities Expense Depreciation on Factory Equipment Materials Stockroom people's salaries (factory) Indirect Materials 13,500 Sales people's salaries 48,900 Property taxes on Factory Equipment 20,000 Property taxes on Sales office 200,000 Factory building repairs 20,000 Advertising Expense 10,000 Office supplies for Admin office Expense 10,000 3,500 4,200 43,000 3,000 Direct Materials used FactoryManager's salary Depreciation on Sales ofice copy machines From the information above determine the total amount of 1 Total Manufacturing Overhead 2 Total Manufacturing/Product Costs 3 Total Non-Manufacturing/Period Costs

I. ABC company had the following expenses in June. $ 130,000 65,000 12,000 Direct labor Factory Utilities Expense Depreciation on Factory Equipment Materials Stockroom people's salaries (factory) Indirect Materials 13,500 Sales people's salaries 48,900 Property taxes on Factory Equipment 20,000 Property taxes on Sales office 200,000 Factory building repairs 20,000 Advertising Expense 10,000 Office supplies for Admin office Expense 10,000 3,500 4,200 43,000 3,000 Direct Materials used FactoryManager's salary Depreciation on Sales ofice copy machines From the information above determine the total amount of 1 Total Manufacturing Overhead 2 Total Manufacturing/Product Costs 3 Total Non-Manufacturing/Period Costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For the Quarter Ended June 30 Materials used in production (including $66,700 of indirect materials) $720,000 Direct labor (including $100,000 maintenance salaries) 666,700 Factory overhead: Supervisor salaries 613,400 Heat, light, and power 166,700 Sales salaries 413,400 Promotional expenses 373,400 Insurance and property taxes-plant 180,000 Insurance and property taxes-corporate offices 260,000 Depreciation-plant and equipment 146,700 Depreciation-corporate offices 106,700 Total $3,647,000 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Cost of direct materials used in production Direct labor Factory overhead: Maintenance salaries Indirect materials Supervisor salaries Heat, light, and power Insurance and property taxes-plant Depreciation-plant and equipment Total manufacturing costs incurred
Please help me
The following information relates to Wagner, Inc.: Advertising Costs $10,600 Administrative Salaries 12,800 Delivery Vehicle Depreciation 1,200 Factory Repair and Maintenance 800 Indirect Labor 16,500 Indirect Materials 14,500 Manufacturing Equipment Depreciation 2,500 Administrative Office Rent 52,000 President's Salary 1,500 Sales Revenue 460,000 Sales Salary 5,200 How much were Wagner's period costs? Question content area bottom Part 1 A.$ 465 comma 200 $465,200 B.$ 83 comma 300 $83,300 C.$ 34 comma 300 $34,300 D.$ 6 comma 700
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
Selected account balance for the year ended Dec 31 are provided below for the Big Company: Description “$” Selling and Admin Salaries 110,000 Insurance, Factory 8,000 Utilities, Factory 45,000 Purchases of Raw Material 290,000 Indirect Labor 60,000 Direct Labor ? Advertising Expense 80,000 Cleaning Supplies, Factory 7,000 Sales Commission 50,000 Rent, Factory Building 120,000 Maintenance, Factory 30,000 Inventory balances at the beginning and end of the year were as follows: Description “$” Beginning of the Year “$” End of the Year Raw Material 40,000 10,000 Work in Process ? 35,000 Finish Goods 50,000 ? The total manufacturing costs for the year were $ 683,000; the goods available for sale totaled $ 740,000; and cost of goods sold totaled $ 660,000. 1. Prepare a schedule of cost of goods manufactured and cost of goods sold section of the company’s income statement for…
Specter Company, a small manufacturer, has submitted the items below concerning last year'soperations. The president's secretary, trying to be helpful, has alphabetized the list.Administrative salaries $2,400Advertising expense 1,200Depreciation—factory building 800Depreciation—factory equipment 1,600Depreciation—office equipment 180Direct labour cost 21,900Raw materials inventory, beginning 2,100Raw materials inventory, ending 3,200Finished goods inventory, beginning 46,980Finished goods inventory, ending 44,410General liability insurance expense 240Indirect labour cost 11,800Insurance on factory 1,400Purchases of raw materials 14,600Repairs and maintenance of factory 900Sales salaries 2,000Taxes on factory 450Travel and entertainment expense 1,410Work in process inventory, beginning 1,670Work in process inventory, ending 1,110Required:a. Prepare a schedule of Cost of Goods Manufactured in good form for the year. UseDecember and current year for time period. b. Determine the Cost of…
The following costs were incurred by ABC Company in January: Direct materials Direct labor Manufacturing overhead Selling expense Administrative salaries Determine ABC's total product cost. Oa. $272,000 Ob. $282,000 Oc. $252,000 Od. $302,000 $100,000 79,000 73,000 25,000 5,000
points) Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 Factory Wages 575,000 190,000 $ 575,000 Manufacturing Overhead 95,000 5,000 5,700 45,000 Work in Process Inv. 3,300 185,000 530,000 5,700 24,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11
2. Factory utilities $17,000, Direct labor $73,700 Depreciation on factory equipment 13,150, Sales salaries 49,900 Depreciation on delivery trucks 4,300, Property taxes on factory building 3,300 Indirect factory labor 50,300, Repairs to office equipment 2,000 Indirect materials 82,400, Factory repairs 2,450 Direct materials used 141,700, Advertising 15,600 Factory manager's salary 8,200, Office supplies used 3,510. Calculate Manufacturing overhead.
I need all parts of this questions answered Marquess Corporation has provided the following partial listing of costs incurred during May: Marketing salaries $ 39,000 Property taxes, factory $ 8,000 Administrative travel $ 102,000 Sales commissions $ 73,000 Indirect labor $ 31,000 Direct materials $ 197,000 Advertising $ 145,000 Depreciation of production equipment $ 39,000 Direct labor $ 78,000 Required:a. What is the total amount of product cost listed above?b. What is the total amount of period cost listed above?
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?