Saxton Manufacturing Company provided the following information for the year 2018 Inventories 31/12/2017 31/12/2018 Direct Materials...
Saxton Manufacturing Company provided the following information for the year 2018
Inventories 31/12/2017 31/12/2018
Direct Materials $84,000 $60,000
Work-in-Process 24,000 56,000
Finished Goods 99,000 84,000
Other information: Office cleaner’s wages 5,000
Sales Revenue 1,971,000
Raw materials purchased 360,000
Direct labor 470,000
Indirect materials 60,000
Indirect labor 39,000
Depreciation on factory plant & equipment 89,000
Plant utilities 136,000
Insurance 1 120,000
Office Utilities 42,000
Depreciation on delivery truck 8,000
Administrative salaries 88,000
Selling expenses 26,000
1 Of the total insurance, 70% relates to manufacturing & 30% relates to general & administrative costs. Requirements:
(A)What was the amount of direct materials used in production?
(B) What was the amount of manufacturing overhead costs?
(C)What is the prime cost and conversion cost of the product?
(D)Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018, clearly showing total manufacturing costs & total manufacturing costs to account for.
(E) Prepare an income statement for Saxton Manufacturing for the year ended December 31, 2018, clearly showing cost of goods sold.
(F) During the year, Saxton Manufacturing Company produced 2,500 units of product. What was the unit product cost?
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Saxton Manufacturing Company provided the following information
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