Swifty Corporation incurred the following costs while manufacturing its product.Materials used in product$128,200Advertising expense$47,700Depreciation on plant64,500Property taxes on plant22,300Property taxes on store8,540Delivery expense27,800Labor costs of assembly-line workers119,000Sales commissions38,900Factory supplies used33,500Salaries paid to sales clerks58,000Work in process inventory was $13,500 at January 1 and $17,200 at December 31. Finished goods inventory was $68,400 at January1 and $47,700 at December 31.Compute cost of goods manufactured.Cost of goods manufactured%24

Cost of Goods Manufactured (COGM) is a term used in managerial accounting that refers to a schedule…

Answered: Swifty Corporation incurred the…

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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Custom Creations Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $ 9,800 Depreciation on factory equipment 16,700. Factory supervisor salary Sales commissions Lubricants used in factory equipment Insurance costs for factory Wages paid to maintenance workers Fabric used to upholster furniture Freight-in (on raw materials) Costs of delivery to customers Wages paid to assembly-line workers Lumber used to build product 50,200 23,400 3,800 21,400 115,600 10,900 3,200 9,200 A. $261,800. OB. $131,700. OC. $236,600. D. $325,100. 115,100 82,100 54,100 26,900 Utilities in factory Utilities in sales office Manufacturing overhead costs for Custom Creations Furniture Company totaled
The Company manufactures furniture at its New York factory. Some of its costs from the past year include: Depreciation on sales office $ 9,700 Depreciation on factory equipment 16,600 Factory supervisor salary 50,200 Sales commissions 23,600 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,400 Wages paid to maintenance workers 115,400 Fabric used to upholster furniture 10,800 Freight-in (on raw materials) 3,600 Costs of delivery to customers 9,000 Wages paid to assembly-line workers 115,600 Lumber used to build product 82,200 Utilities in factory 54,800 Utilities in sales office 26,100 Direct material costs for The Company totaled
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs included factory utilities of $3,100; maintenance on the factory of $4,500; factory supplies of $1,800; depreciation of the factory equipment of $7,900; and property taxes on the factory of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. What is the total overhead?
The following cost data relate to the manufacturing activities of ABC Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,900 Indirect labor 149,000 Property taxes, factory 9,900 Utilities, factory 89,000 Depreciation, factory 316,900 Insurance, factory 11,900 Total actual manufacturing overhead costs incurred $ 593,600 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 419,000 Direct labor cost $ 79,000 Inventories: Raw materials, beginning $ 21,900 Raw materials, ending $ 31,900 Work in process, beginning $ 41,900 Work in process, ending $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of…
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
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
Knight Company reports the following costs and expenses in May. Factory utilities $17,256 Depreciation on factory equipment $12,908 Depreciation on delivery trucks $4,025 Indirect factory labor $53,079 Indirect materials $84,719 Direct materials used $142,670 Factory manager's salary $8,399 Direct labor $72,344 Sales salaries $49,163 Property taxes on factory building $3,381 Repairs to office equipment $1,614 Factory repairs $2,617 Advertising $15,734 Office supplies used $3,274 From the information, determine the total amount of product costs.
Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product $121,200 Advertising expense $45,050 Depreciation on plant 61,600 Property taxes on plant 19,200 Property taxes on warehouse 7,710 Delivery expense 22,000 Labour costs of assembly-line workers 111,000 Sales commissions 35,100 Factory supplies used 26,000 Salaries paid to sales clerks 50,400 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. (a) Calculate the cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars
Sunland Corporation incurred the following transactions. Purchased raw materials on account $43,550. Raw Materials of $33,840 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,420 was classified as indirect materials. Factory labor costs incurred were $56,320. Time tickets indicated that $50,760 was direct labor and $5,560 was indirect labor. Manufacturing overhead costs incurred on account were $75,670. Depreciation on the company's office building was $7,600. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 1. 2. 3. 4. 5. 6. 8. 9. Goods costing $82,720 were completed and transferred to finished goods. Finished goods costing $70,500 to manufacture were sold on account for $96,820. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Knight Company reports the following costs and expenses in May. Factory utilities $ 10,500 Direct labor $69,000 Depreciation on factory equipment 12,650 sales salaries 47,000 Depreciation on delivery trucks 4,000 Property taxes on factory building 2,000 Indirect factory labor 48,900 Repairs to office equipment 1,500 Indirect materials 80, 800 Factory repairs 2,000 Direct materials used 137,000 Advertising 15,000 Factory manager's salary 8,000 Office supplies used 2,600 Instruction: From the information, determine the total amount of: Manufacturing overhead. Product costs. Period costs.
Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…
DJV Corporation incurred the following costs while manufacturing its product. Materials used in product $ 120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions Compute cost of goods manufactured. Compute cost of goods sold.

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