Question
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 | $ ? | |||
(2) | $ ? | $75,000 | $140,000 | $296,000 | |||
(3) | $55,000 | $ ? | $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) | $ ? | $120,000 | $82,000 | $ ? | |||
(2) | $296,000 | $ ? | $98,000 | $331,000 | |||
(3) | $310,000 | $463,000 | $ ? | $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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