B1. View PoliciesCurrent Attempt in ProgressKingbird Corporation incurred the following costs during 2022.Direct materials used in productDepreciation on factoryProperty taxes on storeLabor costs of assembly-line workersFactory supplies used(a)Compute cost of goods manufactured.$148,800Cost of goods manufactured i74,4009,300136.40029,400Advertising expenseProperty taxes on factoryDelivery expenseSales commissionsSalaries paid to sales clerks$55,800Work in process inventory was $15,100 at January 1 and $19,000 at December 31. Finished goods inventory was $74,400 at January1 and $56.300 at December 31.17,80025,60043,40062,000

Cost of goods manufactured includes all the costs which are incurred to produce the goods. It…

Kingbird Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) $148.800 74,400 Compute cost of goods manufactured, 9,300 136,400 29,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $55,800 17,800 25,600 43,400 Work in process inventory was $15,100 at January 1 and $19,000 at December 31. Finished goods inventory was $74,400 at January 1 and $56.300 at December 31. 62,000

Kingbird Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) $148.800 74,400 Compute cost of goods manufactured, 9,300 136,400 29,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $55,800 17,800 25,600 43,400 Work in process inventory was $15,100 at January 1 and $19,000 at December 31. Finished goods inventory was $74,400 at January 1 and $56.300 at December 31. 62,000

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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