Sunland Corporation incurred the following costs while manufacturing its product. Materials used in product $ 124,900 Advertising expense $ 50,200 Depreciation on plant 66,100 Property taxes on plant 16,000 Property taxes on store 8,290 Delivery expense 25,600 Labor costs of assembly-line workers 120,700 Sales commissions 44,100 Factory supplies used 32,700 Salaries paid to sales clerks 55,100 Work in process inventory was $ 13,000 at January 1 and $ 17,600 at December 31. Finished goods inventory was $ 69,500 at January 1 and$ 48,900 at December 31. Compute cost of goods manufactured. Cost of goods manufactured 2$ Compute cost of goods sold. Cost of goods sold 2$

Flounder 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) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000

Denger

Ryan 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 Instructions $100,000 60,000 7,500 110,000 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs.

Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product Advertising expense Depreciation on plant Property taxes on plant Property taxes on warehouse Delivery expense Labour costs of assembly-line workers Sales commissions Factory supplies used Salaries paid to sales clerks (a) Your answer is incorrect. Calculate the cost of goods manufactured. $121,200 61,600 Cost of goods manufactured $ 7,710 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50,800 at December 31. 111,000 26,000 $45,050 19.200 22,000 35,100 50,400

The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary (a) $120.000 6.230 840 Calculate cost of goods manufactured 150,700 3,350 4.550 21.900 50,000 Work in process inventory was $5.200 at January 1 and $6,600 at December 31. Finished goods inventory was $30.000 at January 2 and $30,500 at December 31 11.

The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December

Within the costing system of Asempa manufacturing company the following types of expense are incurred.                                                                                                 GHȼCost of oils used to lubricate production machinery             20,000Motor vehicle licences for lorries                                           50,000Depreciation of factory plant and equipment                        40,000Cost of chemicals used in the laboratory                               10,000Commission paid to sales representatives                              25,000Salary of the secretary to the finance director                        22,000Trade discount given to customers                                         12,000Holiday pay of machine operatives                                         32,000Salary of security guard in raw material warehouse                15,000Fees to advertising agency                                                       8,000Rent of finished goods…

The following costs were incurred by ABC Company: Direct labor                                                    $ 950,000 Direct material purchases                             645,000 Depreciation on plant                                       55,000 Factory supervisor's salary                             98,000 Plant maintenance                                           26,000 Plant utilities                                                      30,000 Sales                                                              2,555,000 Selling and administrative expenses           480,000 Beginning direct materials inventory             72,000 Beginning work-in-process inventory            54,000 Beginning finished goods inventory               75,000 Ending direct materials inventory                 68,000 Ending work-in-process inventory                  51,000 Ending finished goods inventory                    88,000   Required: Calculate the following values: Direct materials used Cost…

Sheffield Corporation incurred the following transactions. 1.   Purchased raw materials on account $ 53,800. 2.   Raw Materials of $ 36,500 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 8,500 was classified as indirect materials. 3.   Factory labor costs incurred were $ 61,900. 4.   Time tickets indicated that $ 54,900 was direct labor and $ 7,000 was indirect labor. 5.   Manufacturing overhead costs incurred on account were $ 82,300. 6.   Manufacturing overhead was applied at the rate of 160% of direct labor cost. 7.   Goods costing $ 96,600 were completed and transferred to finished goods. 8.   Finished goods costing $ 79,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)       Manufacturing Costs                     Raw Materials Inventory   Factory Labor   Manufacturing Overhead   Work in…