Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AGE English (er Sticks and Wools Inc. manufactures several wood and string instruments. In particular, it is well-known for its production of classic cellos. Assume

image text in transcribed
AGE English (er Sticks and Wools Inc. manufactures several wood and string instruments. In particular, it is well-known for its production of classic cellos. Assume that Sticks and Wools uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2019 with respect to direct materials: Balance of materials on January 1, 2019 $188,000 Balance of materials on December 31, 2019 $166,000 Materials purchases during 2019 $771,000 In addition, the following table shows Sticks and Wools' remaining costs for the year: Indirect materials $68,000 Direct labor $285,000 Indirect labor $175,000 Utilities, factory $102,000 Utilities, office $15,000 Insurance, factory $14,000 Advertising $23,000 Do not enter dollar signs or commas in the input boxes. a) Calculate the cost of direct materials used in production for the year. Materials used in production: $ b) What is the total manufacturing overhead cost for the year? Manufacturing Overhead: $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non Specialists

Authors: Eddie McLaney, Peter Atrill

2nd Edition

0135717469, 9780135717462

More Books

Students also viewed these Accounting questions

Question

2.3 Define human resource ethics.

Answered: 1 week ago

Question

9 How can training be evaluated?

Answered: 1 week ago