18-8

The following report was prepared for evaluating the performance of the plant manager of Marching Ant Inc. Evaluate and correct this report.

The following report costs Principles evaluating the performance of the report. for Evaluate correct was and prepared Accounting Concepts Classifying Ants 18-8 plant Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30, 2016 Materials used in production (including 607,500 $56,200 of indirect materials). Direct labor (including $84,400 maintenance salaries) 562,500 Factory overhead: 517,500 Supervisor salaries 40,650 Heat, light, and power. Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxes-plant 151,900 Insurance and property taxes corporate offices 219,400 Depreciation-plant and equipment 123,750 Depreciation corporate offices 90,000 Tota $3,076,950 18-9 Financial statements of a manufacturing firm e following events took place for video Wave Manufacturing Company during' 6, the first month of its operations as a producer monitors Purchased of digital video $133,200 of materials. Used $94,080 of direct materials in production. Incurred $180,320 of direct labor wages. Incurred $211,680 of factory overhead. Transferred $425,320 of work in process to finished goods. Sold goods with a cost of $365,000. Earned revenues of $652,000. Incurred $86,520 of selling expense. Incurred $71.250 of