Question
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31. Administrative salaries
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31.
| Administrative salaries | $ 35,000 |
| Depreciation of factory equipment | 25,000 |
| Depreciation of delivery vehicles | 6,000 |
| Direct labor | 68,000 |
| Factory supplies used | 9,000 |
| Finished goods inventory, January 1 | 57,000 |
| Finished goods inventory, December 31 | ? |
| Factory insurance | 15,500 |
| Interest expense | 12,000 |
| Factory utilities | 14,000 |
| Factory maintenance | 7,500 |
| Raw materials inventory, January 1 | 5,000 |
| Raw materials inventory, December 31 | 4,000 |
| Raw material purchases | 125,000 |
| Rent on factory building | 25,000 |
| Repairs of factory equipment | 11,500 |
| Sales commissions | 37,500 |
| Work in Process inventory, January 1 | 3,500 |
| Work in Process inventory, December 31 | 2,700 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started