Williams Company reports production costs for 2015 as follows: Direct materials used $345,000 Direct labor incurred 250,000 Factory overhead incurred 400,000 Operating expenses 175,000 Williams Company’s product costs for 2015 amount to: Group of answer choices $995,000 $770,000 $825,000 $920,000
Williams Company reports production costs for 2015 as follows: Direct materials used $345,000 Direct labor incurred 250,000 Factory overhead incurred 400,000 Operating expenses 175,000 Williams Company’s product costs for 2015 amount to: Group of answer choices $995,000 $770,000 $825,000 $920,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
28
Williams Company reports production costs for 2015 as follows:
| Direct materials used | $345,000 |
| Direct labor incurred | 250,000 |
| Factory |
400,000 |
| Operating expenses | 175,000 |
Williams Company’s product costs for 2015 amount to:
Group of answer choices
$995,000
$770,000
$825,000
$920,000
Expert Solution
Step 1
Cost sheet is a method of allocating total cost into different categories such as direct material consumed, prime cost, cost of goods manufactured etc.
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