Sales $76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities Sales salaries expense Office salaries expense 1,200 15,600 8,900 Indirect materials 1,200

Sales $76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities Sales salaries expense Office salaries expense 1,200 15,600 8,900 Indirect materials 1,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: I. ABC company had the following expenses in June. $ 130,000 65,000 12,000 Direct labor Factory…

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

Q: Advertising expense $75,000 Factory Overhead $305,000 Office Salaries Expense $200,000 Work in…

A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Q: Beginning direct materials $20,900…

A: Direct Material used = Opening Raw Material + Purchases During the year - Closing Raw Material…

Q: Indicate missing amount in case 2

A: Total manufacturing costs = Direct material used + Direct Labour + Manufacturing Overhead Cost of…

Q: Direct materials $47,900 Direct labor $36,000 Manufacturing overhead $30,200 Selling expenses…

A: Conversion Cost: It implies the total of manufacturing overheads incurred by the business and the…

Q: Statement Of Cost of Goods Manufactured Instructions The following information is available for…

Q: Garcon Company Pepper Company Finished goods inventory, beginning $ 12,500 $ 19,600 Work in process…

A: Cost of goods manufactured is the total cost of completed finished goods which is transferred from…

Q: Lopez Corporation incurred the following costs while manufacturing its product. Materials used in…

A: Cost of goods manufactured is the cost of the goods which incurred in producing a product. It…

Q: rm.3

A: To solve this problem, we'll follow these steps:Prepare a schedule of cost of goods…

Q: None

A: Step 1:Introduction to the Factory OverheadFactory overhead is also called manufacturing overhead.…

Q: Direct labor $ 90,000 Advertising $ 40,000 Factory supervision $ 35,000 Sales commissions $ 15,000…

A: Product costs is the total cost incurred in the manufacturing of the product during the period. It…

Q: Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: Inventories Work in process Materials Finished goods Beginning 15,000 24,000 31,000 Accounts payable…

A: As per Bartleby Guidelines if Multiple Subpart Questions are asked then the Expert needs to answer…

Q: Direct Materials $195,000 Utilities, Factory $9,000 Sales Commission $75,000 Administrative…

A: The costs related to production are product costs and the costs incurred on activities other than…

Q: Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000…

A: Period costs are costs that cannot be capitalized on a company’s balance sheet. In other words, they…

Q: Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the…

A: Income statement is one of the financial statements of the company which is also regarded as profit…

Q: Raw materials purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: Touch Of A Button produces screens for use in various smartphones. The company reports the following…

A: Manufacturing overhead, or the expenses incurred aside from those connected to the cost of raw…

Q: Maintenance Depreciation Manager's salary Indirect supplies Utilities Other Direct Labor Hours 2,000…

A: The mixed costs comprise both fixed and variable elements. The fixed costs remain constant at every…

Q: Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000…

A: Total manufacturing overhead costs = Factory maintenance costs + Indirect labor, health insurance +…

Q: Sales revenue Rent revenue Raw material purchases Energy consumption in production Energy…

A: Cost of Goods Sold The total sum that your company spent on expenses directly associated with the…

Q: Costs for the Year Wages and salaries Disposal fees Equipment depreciation On-site supplies Office…

A: Activities rates is calculated using the below formula. Activities rates = Activity cost pools /…

Q: Q1: Cost of Goods Manufactured for February Q2: Cost of Goods Sold for February Q3: Operating Income…

A: The cost of goods manufactured is the total cost of production of the company for a particular…

Q: Need answer

A: a. Determine the total amount of manufacturing overhead. Manufacturing overhead includes all…

Q: Sales $ 659,000 Direct labor cost $ 88,000 Raw material purchases $139,000 Selling expenses $…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000…

A: All the direct cost are considered as prime cost.

Q: How much is the direct labor cost?

A: Total manufacturing costs during the period is the sum of materials used in production, direct labor…

Q: Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000…

A: Manufacturing overhead means the cost incurred indirect in factory for the production of goods. All…

Q: 1 Direct materials used $ 9,600 Direct labor 5,000 Manufacturing overhead Total manufacturing costs…

A: Total manufacturing costs can be calculated by adding the direct material used, direct labor, and…

Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Sales
$76,500
Direct materials used
7,300
Depreciation on factory equipment
4,700
Indirect labor
5,900
Direct labor
10,500
Factory rent
4,200
Factory utilities
1,200
Sales salaries expense
15,600
Office salaries expense
8,900
Indirect materials
1,200
Total Product Cost?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

None
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
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
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?
Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 15,000 Health insurance for production supervisor 6,500 Administrative costs 55,000 Rental of office space for administrative staff 17,500 Sales commissions 52,500 Direct material 1,230,000 Indirect materials 632,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 32,000 Use the data to determine the total product cost.
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
A-6
Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.