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Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations Direct Materials Used Direct Labor Used Factory Overhead Total Manufacturing

Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations

Direct Materials Used

Direct Labor Used

Factory Overhead

Total Manufacturing Costs

(1)

$40,000

$61,000

$50,000

$ Entry field with incorrect answer?

(2)

$ Entry field with incorrect answer?

$75,000

$140,000

$296,000

(3)

$55,000

$ Entry field with incorrect answer?

$111,000

$310,000

Determine the missing amounts.

Total Manufacturing Costs

Work in Process (January 1)

Work in Process (December 31)

Cost of Goods Manufactured

(1)

$ http://edugen.wileyplus.com/edugen/art2/common/pixel.gif?

$120,000

$82,000

$ http://edugen.wileyplus.com/edugen/art2/common/pixel.gif?

(2)

$296,000

$ http://edugen.wileyplus.com/edugen/art2/common/pixel.gif?

$98,000

$331,000

(3)

$310,000

$463,000

$ http://edugen.wileyplus.com/edugen/art2/common/pixel.gif?

$715,000

Knight Company reports the following costs and expenses in May.

Factory utilities

$15,500

Direct labor

$69,100

Depreciation on factory equipment

12,650

Sales salaries

46,400

Depreciation on delivery trucks

3,800

Property taxes on factory building

2,500

Indirect factory labor

48,900

Repairs to office equipment

1,300

Indirect materials

80,800

Factory repairs

2,000

Direct materials used

137,600

Advertising

15,000

Factory manager?s salary

8,000

Office supplies used

2,640

From the information:

Determine the total amount of product costs.

Determine the total amount of period costs.

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 workers

110,000

Sales commissions

35,000

Factory supplies used

23,000

Salaries paid to sales 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 $45,600 at December 31.

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