Ivanhoe Corporation has the following cost records for the year ended December 31, 2022:Indirect factory labour$5,090Direct materials used250,300Work in process (1/1/2022)31,900Work in process (12/31/2022)27,200Finished goods (1/1/2022)35,900Finished goods (12/31/2022)28,800Factory utilities41,500Depreciation, factory equipment34,300Direct labour301,600Indirect materials22,800Factory manager's salary63,700Selling and administrative expenses346,200Net sales1,232,000Factory machinery rent42,200Prepare a cost of goods manufactured schedule for 2022. (Please note when entering manufacturing overhead costs, theitems may be entered in any order.)IvanhoeCorporationCost of Goods Manufactured$$SA$

Direct materials are the raw materials that are directly used in the production process. In this…

Answered: Ivanhoe Corporation has the following…

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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Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2010. Raw materials, I/1/10- Raw materials, 12/31/10- Raw materials purchases Indirect materials - $15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10 – Finished goods, 12/31/10- Direct labor - Factory manager's salary - $35,000 MO $30.000 $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 Insurance, factory $14.000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO $90,000 MO $65,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current…
Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
The cost of raw materials purchases for 2019 is?
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
Monty Corporation has the following cost records for June 2022. Indirect factory labor $4,500 Factory utilities $390 Direct materials used 19,600 Depreciation, factory equipment 1,370 Work in process, 6/1/22 2,940 Direct labor 39,200 Work in process, 6/30/22 3,720 Maintenance, factory equipment 1,760 Finished goods, 6/1/22 Finished goods, 6/30/22 4,900 Indirect materials 2,250 7,350 Factory manager's salary 2,940 (a) Prepare a cost of goods manufactured schedule for June 2022. MONTY CORPORATION Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 > > > $ $ $ $
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.
.
Cepeda Corporation has the following cost records for June 2018: + Indirect factory labor $4,500 Factory utilities $400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in process, 6/1/18 3,000 Direct labor 40,000 Work in process, 6/30/18 3,800 Maintenance, factory equipment 1,800 Finished goods, 6/1/18 5,000 Indirect materials 2,200 Finished goods, 6/30/18 7,500 Factory manager's salary 3,000 Instructions a. Prepare a cost of goods manufactured schedule for June 2018. b. Prepare an income statement through gross profit for June 2018 assuming sales revenue is $92,100.
Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $240,000 $220,680 Work in process 498,170 583,300 Finished goods 669,950 703,870 Direct labor $4,000,000 Materials purchased during March 3,047,080 Factory overhead incurred during March: Indirect labor 365,710 Machinery depreciation 240,000 Heat, light, and power 200,000 Supplies 39,880 Property taxes 34,280 Miscellaneous costs 52,230 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of…

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