Indirect materials usedDepreciation on delivery equipmentDispatcher's salaryProperty taxes on office buildingCEO's salaryGas and oil for delivery trucksDelivery service (product) costs $Period costs$6,940LA12,0405,40098012,9602,320Drivers' salariesAdvertisingDelivery equipment repairsOffice suppliesDetermine the total amount of (a) delivery service (product) costs and (b) period costs.Office utilitiesRepairs on office equipment$17,2805,0803247021,080206

Product cost includes all the direct expenses and overheads related to manufacturing the product…

Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 12,040 $ 5,400 980 12,960 2,320 Drivers' salaries Determine the total amount of (a) delivery service (product) costs and (b) period costs. Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206

Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 12,040 $ 5,400 980 12,960 2,320 Drivers' salaries Determine the total amount of (a) delivery service (product) costs and (b) period costs. Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206

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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Inventorles Materials Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory January 1 December 31 $335,730 $416,310 604,310 580,810 566,180 578,670 $282,670 39,970 53,700 641,120 21,230 74,940 628,630 219,400 17,490 36,220 29,560 2,943,310 361,360 14,570 9,160 Required: 1. Prepare the statement of cost of goods manufactured.
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Current Attempt in Progress Bramble 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) Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured LA $100,800 $ 50,400 6,300 92,400 19,400 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $10,100 at January 1 and $13,000 at December 31. Finished goods inventory w 1 and $38,300 at December 31. $37,800 11,800 17,600 29,400 42,000
Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 150,000 155,000 45,000 2,529,000 $ 43,000 22,000 23,000 65,000 750,000 40,500 36,000 460,000 69,000 41,000 25,000 60,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales 49,000 63,000 71,000 144,000 346,000 Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.
ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
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b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Entry Description Debit Credit b. Work in Process fill in the blank 6 fill in the blank 7 Factory Overhead fill in the blank 9 fill in the blank 10 Materials fill in the blank 12 fill in the blank 13 c. Factory labor used, $756,000, of which $182,000 was indirect. Entry Description Debit Credit c. Work in Process fill in the blank 15 fill in the blank 16 Factory Overhead fill in the blank 18 fill in the blank 19 Wages Payable fill in the blank 21 fill in the blank 22
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
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