Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000

Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000

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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(a) Indicate the missing amount for each letter.

	Direct Materials Used		Direct Labor Used		Manufacturing Overhead	Total Manufacturing Costs		Work in Process 1/1		Work in Process 12/31	Cost of Goods Manufactured
(1)	$117,000			$140,000		$87,000			$	(a)	$33,000		$	(b)	$360,000
(2)		(c)		200,000		132,000			450,000			(d)	40,000		470,000
(3)	80,000			100,000			(e)		265,000		60,000		80,000			(f)
(4)	70,000				(g)	75,000			288

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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