The manufacturing costs incurred during the year were? The following cost data were taken from the records of a manufacturing company:Depreciation on factory equipmentDepreciation on sales officeAdvertisingFreight-outP1,000,000500,0007.000,0003,000,000Wages of production workers28,000,00047,000,000Raw materials usedSales salaries and commissionsFactory rentFactory insuranceSupervisor's salaryAdministrative salaries10,000,0002,000,000500,0001,500,0002.000,000Based upon the above information, the manufacturing costs incurred during the year were?

Manufacturing costs are the costs which are incurred during the process of production of a product…

The following cost data were taken from the records of a manufacturing company: Depreciation on factory equipment on sales office P1,000,000 500,000 7,000,000 3,000,000 Advertising Freight-out wages of production workers Raw materials used 28.000.000 47,000,000 10,000,000 sales salaries and commissions Factory rent Factory insurance Supervisor's salary 2,000,000 500,000 1,500,000 2,000,000 Administrative salaries Based upon the above information, the manufacturing costs incurred during the year were?

The following cost data were taken from the records of a manufacturing company: Depreciation on factory equipment on sales office P1,000,000 500,000 7,000,000 3,000,000 Advertising Freight-out wages of production workers Raw materials used 28.000.000 47,000,000 10,000,000 sales salaries and commissions Factory rent Factory insurance Supervisor's salary 2,000,000 500,000 1,500,000 2,000,000 Administrative salaries Based upon the above information, the manufacturing costs incurred during the year were?

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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The following cost data were taken from the records of a manufacturing company: Depreciation on factory equipment Depreciation on sales office Advertising Freight-out Wages of production workers Raw materials used P 1,000,000 500,000 7,000,000 3,000,000 28,000,000 47,000,000 Sales salaries and commissions 10,000,000 2,000,000 Factory rent Factory insurance Supervisor's salary Administrative salaries 500,000 1,500,000 2,000,000 Based upon the above information, the manufacturing costs incurred during the year were?
A company reports the following information: Direct Labor Direct Materials Used Raw Materials Purchased Cost of Goods Manufactured Ending Work-in-Process Inventory Corporate Headquarters' Property taxes Manufacturing Overhead Incurred Calculate the beginning balance of Work-in-Process Inventory O $4,500 O $5,000 O $21.000 59.400 $6,000 3.000 9,000 13,000 1.400 900 400
Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours Actual direct labor hours Estimated direct labor cost Actual direct labor cost Factory depreciation $257,750 35,000 36,000 $330,400 $320,300 $65,400 If the company allocates overhead based on direct labor cost, what is the predetermined manufacturing overhead rate? OA. 78% of direct labor cost OB. 80 % of direct labor cost OC. 128% of direct labor cost OD. 103% of direct labor cost Factory utilities Indirect labor Sales commissions Factory rent Factory property taxes. Indirect materials COS $30,200 $22,400 $53,700 $47,700 $28,100 $33,000
A company provided the following information: Administrative salaries Raw material purchases Sales revenue Direct labor Other administrative expenses Manufacturing overhead applied Actual manufacturing overhead Inventory data: Raw material Work in process Finished goods O $210,000 $260,000 The company closes any under or over applied overhead directly to cost of goods sold What is the company's cost of goods manufactured for the year? $2,550,000 $200,000 $240,000 $3,000,000 $700,000 $170,000 $2,560,000 $1,640,000 $1,670,000 O None of the above January 1 $80,000 $70,000 $190,000 December 31 $60,000 $120,000 $210,000
Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
Problem 1: The following selected information is provided about a manufacturing company: Raw material purchases Direct labor Overhead applied Actual overhead Selling and administrative salaries Other selling and administrative expenses Sales revenue Inventory data: Raw material Work in process Finished goods 800,000 415,000 730,000 745,000 500,000 185,000 5,000,000 January 1 75,000 105,000 120,000 December 31 100,000 140,000 125,000 Calculate the cost of goods sold. Assume that under/over applied overhead is closed directly to cost of goods sold.
Darwin Company reports the following information: Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are Oa. $35,000 Ob. $30,300 Oc. $24,500 Od. $29,200 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200
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K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $316,450 $386,070 Work in process 569,610 525,060 Finished goods 547,460 536,640 Advertising expense $262,140 Depreciation expense-office equipment 37,060 Depreciation expense-factory equipment 49,800 Direct labor 594,550 Heat, light, and power-factory 19,690 Indirect labor 69,490 Materials purchased 582,970 Office salaries expense 203,460 Property taxes-factory 16,210 Property taxes-headquarters building 33,590 Rent expense-factory 27,410 Sales 2,729,510 Sales salaries expense 335,110 Supplies-factory 13,510 Miscellaneous costs-factory 8,490 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement.
Company X reported the following: Beginning work in process inventory Ending work in process inventory Cost of direct materials used during the period Cost of Goods Sold Total actual labor hours during year Predetermined Manufacturing Overhead Rate (based on labor hours) $300 Labor hour pay rate $700 Total estimated labor hours at beginning of year 10 $95 $95 23 $30 per labor hour $11 per labor hour What was the company's cost of goods manufactured?