Santos Company is a manufacturing firm that has the following inventory balances: Raw materials Work-in-Process Finished goods $ 1/1/20x1 12/31/20x1 24,000 73,000 27,000 56,000 42,000 The following transactions were recorded for the year: a. Raw materials contain both direct and indirect materials. $416,000 raw materials were purchased. b. Direct material used in production, $370,000; indirect materials used, $40,000. ? c. The following employee costs were incurred: direct labor, $414,000; indirect labor, $60,000; and administrative salaries, $212,000. d. Selling costs, $140,000. e. Factory utility costs, $20,000. f. Depreciation for the year was $81,000 of which $73,000

Santos Company is a manufacturing firm that has the following inventory balances: Raw materials Work-in-Process Finished goods $ 1/1/20x1 12/31/20x1 24,000 73,000 27,000 56,000 42,000 The following transactions were recorded for the year: a. Raw materials contain both direct and indirect materials. $416,000 raw materials were purchased. b. Direct material used in production, $370,000; indirect materials used, $40,000. ? c. The following employee costs were incurred: direct labor, $414,000; indirect labor, $60,000; and administrative salaries, $212,000. d. Selling costs, $140,000. e. Factory utility costs, $20,000. f. Depreciation for the year was $81,000 of which $73,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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Question

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Santos Company is a manufacturing firm that has the
following inventory balances:
Raw materials
Work-in-Process
Finished goods
$
1/1/20x1 12/31/20x1
24,000
73,000
27,000
The following transactions were recorded for the year:
a. Raw materials contain both direct and indirect
materials. $416,000 raw materials were purchased.
b. Direct material used in production, $370,000; indirect
materials used, $40,000.
c. The following employee costs were incurred: direct
labor, $414,000; indirect labor, $60,000; and administrative
salaries, $212,000.
d. Selling costs, $140,000.
e. Factory utility costs, $20,000.
f. Depreciation for the year was $81,000 of which $73,000
is related to factory operations and $8,000 is related to
selling, general, and administrative activities.
g. Sales for the year totaled $1,416,000
Required:
56,000
42,000
1. Prepare the schedule of cost of goods manufactured.
2. Prepare the income statement.
3. How would ending inventories be presented in which
financial statement and for what amount?
BER
O HOM
?
P

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