Question
Information for a factory as of December 31, 2022 follows. Use this information to address the following questions. Show all calculations. Provide a list of
Information for a factory as of December 31, 2022 follows. Use this information to address the following questions. Show all calculations.
Provide a list of all of the accounts and amounts of period costs included in the schedule below.
Prepare a Statement of Cost of Goods Manufactured for the year ended December 31, 2022. Make sure all information and calculations are clear. List each overhead cost separately in the Statement.
Calculate the Cost of Goods Sold for the year ended December 31, 2022. Make sure all information and calculations are clear.
| Administrative salaries expense | $ 135,000 |
| Depreciation expensefactory equipment | 52,400 |
| Depreciation expenseoffice equipment | 24,800 |
| Advertising expense | 22,350 |
| Direct labor | 268,000 |
| Factory supplies used | 12,000 |
| Indirect labor | 35,000 |
| Factory insurance | 15,500 |
| Factory utilities | 14,000 |
| Factory maintenance | 7,500 |
| Inventories: |
|
| Raw materials inventory, January 1, 2022 | 32,000 |
| Raw materials inventory, December 31, 2022 | 28,000 |
| Work in Process inventory, January 1, 2022 | 33,780 |
| Work in Process inventory, December 31, 2022 | 37,460 |
| Finished goods inventory, January 1, 2022 | 56,970 |
| Finished goods inventory, December 31, 2022 | 62,000 |
| Raw materials purchases | 325,000 |
| Rent expensefactory | 50,000 |
| Rent expenseoffice space | 24,000 |
| Sales staff salaries expense | 97,500 |
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