Homework Answers
| Cost of goods manufactured | Beginning work in process + Total manufacturing costs - Ending work in process | ||||||
| Calculation of cost of goods manufactured is shown below | |||||||
| Beginning work in process inventory | $110,000 | ||||||
| Direct material used | |||||||
| Beginning raw material inventory | $80,000 | ||||||
| Add: Purchases | $900,000 | ||||||
| Less: Ending raw material inventory | $90,000 | $890,000 | |||||
| Direct labor incurred | $710,000 | ||||||
| Benefits | $75,000 | ||||||
| Overtime premium | $50,000 | ||||||
| Supervisory salaries | $125,000 | ||||||
| Utility expense | $92,500 | ||||||
| Depreciation | $2,800 | ||||||
| Supplies | $10,000 | ||||||
| Factory rent | $31,300 | ||||||
| Total manufacturing costs | $1,986,600 | ||||||
| Less: Ending work in process inventory | $74,600 | ||||||
| Cost of goods manufactured | $2,022,000 | ||||||
| Cost of goods sold | Beginning finished goods + Cost of goods manufactured - Ending finished goods | ||||||
| Cost of goods sold | 95000+2022000-108000 | ||||||
| Cost of goods sold | $2,009,000 | ||||||
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In January 2020, Sayers Manufacturing incurred the following costs in manufacturing Detecto, its only product: Direct...
Managerial Accounting E15-8 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in...
Managerial Accounting
E15-8 Lopez 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 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line Sales commissions 35,000 workers 110,000 Salaries paid to sales Factory supplies used 23,000 clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $224,500 152,660 Work in process Finished goods $199,810 135,870 133,870 116,740 $404,100 431,040 43,100 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 26,040 8,980 7,180 6,290 11,670 a. Prepare a cost of goods manufactured statement for January Sandusky Manufacturing Company Statement of Cost...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on...
Lopez 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 $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
Exercise 14-08 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...
Exercise 14-08
Lopez Corporation incurred the following costs while manufacturing
its product.
Materials used in product
$128,200
Advertising expense
$47,700
Depreciation on plant
64,500
Property taxes on plant
22,300
Property taxes on store
8,540
Delivery expense
27,800
Labor costs of assembly-line workers
119,000
Sales commissions
38,900
Factory supplies used
33,500
Salaries paid to sales clerks
58,000
Work in process inventory was $13,500 at January 1 and $17,200 at
December 31. Finished goods inventory was $68,400 at January 1 and
$47,700...
Question 1 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...
Question 1 Lopez 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 $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$121,000
Advertising expense
$46,000
Depreciation on plant
61,000
Property taxes on plant
15,000
Property taxes on store
7,600
Delivery expense
22,000
Labor costs of assembly-line workers
111,000
Sales commissions
36,000
Factory supplies used
24,000
Salaries paid to sales clerks
51,000
Work in process inventory was $13,000 at January 1 and $16,600 at
December 31. Finished goods inventory was $61,000 at January 1 and
$45,700 at December...
Crane Corporation incurred the following costs while manufacturing its product. Materials used in product $126,100 Advertising...
Crane Corporation incurred the following costs while manufacturing its product. Materials used in product $126,100 Advertising expense $53,400 Depreciation on plant 70,700 Property taxes on plant 16,500 Property taxes on store 8,060 Delivery expense 22,000 Labor costs of assembly-line workers 111,900 Sales commissions 44,200 Factory supplies used 24,000 Salaries paid to sales clerks 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31. Finished goods inventory was $70,600 at January 1 and $45,900 at December...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising expense $46,100 Depreciation on plant 64,500 Property taxes on plant 20,000 Property taxes on store 7,600 Delivery expense 26,800 Labor costs of assembly-line workers 120,900 Sales commissions 39,300 Factory supplies used 32,600 Salaries paid to sales clerks 54,900 Work in process inventory was $14,000 at January 1 and $16,700 at December 31. Finished goods inventory was $61,800 at January 1 and $49,800 at December...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $130,000 Advertising...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$130,000
Advertising expense
$46,100
Depreciation on plant
64,500
Property taxes on plant
20,000
Property taxes on store
7,600
Delivery expense
26,800
Labor costs of assembly-line workers
120,900
Sales commissions
39,300
Factory supplies used
32,600
Salaries paid to sales clerks
54,900
Work in process inventory was $14,000 at January 1 and $16,700 at
December 31. Finished goods inventory was $61,800 at January 1 and
$49,800 at December...
Managerial Accounting
E15-8 Lopez 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 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line Sales commissions 35,000 workers 110,000 Salaries paid to sales Factory supplies used 23,000 clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $224,500 152,660 Work in process Finished goods $199,810 135,870 133,870 116,740 $404,100 431,040 43,100 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 26,040 8,980 7,180 6,290 11,670 a. Prepare a cost of goods manufactured statement for January Sandusky Manufacturing Company Statement of Cost...
Lopez 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 $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
Exercise 14-08
Lopez Corporation incurred the following costs while manufacturing
its product.
Materials used in product
$128,200
Advertising expense
$47,700
Depreciation on plant
64,500
Property taxes on plant
22,300
Property taxes on store
8,540
Delivery expense
27,800
Labor costs of assembly-line workers
119,000
Sales commissions
38,900
Factory supplies used
33,500
Salaries paid to sales clerks
58,000
Work in process inventory was $13,500 at January 1 and $17,200 at
December 31. Finished goods inventory was $68,400 at January 1 and
$47,700...
Question 1 Lopez 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 $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$121,000
Advertising expense
$46,000
Depreciation on plant
61,000
Property taxes on plant
15,000
Property taxes on store
7,600
Delivery expense
22,000
Labor costs of assembly-line workers
111,000
Sales commissions
36,000
Factory supplies used
24,000
Salaries paid to sales clerks
51,000
Work in process inventory was $13,000 at January 1 and $16,600 at
December 31. Finished goods inventory was $61,000 at January 1 and
$45,700 at December...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$130,000
Advertising expense
$46,100
Depreciation on plant
64,500
Property taxes on plant
20,000
Property taxes on store
7,600
Delivery expense
26,800
Labor costs of assembly-line workers
120,900
Sales commissions
39,300
Factory supplies used
32,600
Salaries paid to sales clerks
54,900
Work in process inventory was $14,000 at January 1 and $16,700 at
December 31. Finished goods inventory was $61,800 at January 1 and
$49,800 at December...
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