View Policies Current Attempt in Progress Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory labour $5,480 Direct materials used 253,600 Work in process (1/1/2020) 31,000 Work in process (12/31/2020) 27,200 Finished goods (1/1/2020) 35,300 Finished goods (12/31/2020) 29,100 Factory utilities 41,500 Depreciation, factory equipment 34,400 Direct labour 303,300 Indirect materials 22,600 Factory manager's salary 63,100 Selling and administrative expenses 341,300 Net sales 1,243,000 Factory machinery rent 42,900

View Policies Current Attempt in Progress Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory labour $5,480 Direct materials used 253,600 Work in process (1/1/2020) 31,000 Work in process (12/31/2020) 27,200 Finished goods (1/1/2020) 35,300 Finished goods (12/31/2020) 29,100 Factory utilities 41,500 Depreciation, factory equipment 34,400 Direct labour 303,300 Indirect materials 22,600 Factory manager's salary 63,100 Selling and administrative expenses 341,300 Net sales 1,243,000 Factory machinery rent 42,900

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

View Policies
Current Attempt in Progress
Axteks Corporation has the following cost records for the year ended December 31, 2020:
Indirect factory labour
$5,480
Direct materials used
253,600
Work in process (1/1/2020)
31.000
Work in process (12/31/2020)
27,200
Finished goods (1/1/2020)
35.300
Finished goods (12/31/2020)
29,100
Factory utilities
41,500
Depreciation, factory equipment
34,400
Direct labour
303,300
Indirect materials
22,600
Factory manager's salary
63,100
Selling and administrative expenses
341.300
Net sales
1.243.000
Factory machinery rent
42,900
(a)
Prepare a cost of goods manufactured schedule for 2020.
Axteks Corporation
Cost of Goods Manufactured
Year Ended December 31, 2020

e Textbook and Media
Axteks Corporation
Cost of Goods Manufactured
Year Ended December 31, 2020
$

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