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Please assist with questions 1-4 in the attachment. 1) The following information is available for Aikman Company. January 1, 2014 Raw materials inventory Work in
Please assist with questions 1-4 in the attachment.
1) The following information is available for Aikman Company. January 1, 2014 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue 2014 December 31, 2014 $21,590 $31,590 14,580 20,620 30,590 25,880 $154,000 225,840 184,260 904,390 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule $ $ : $ : $ 2) Indicate the missing amount. Case 1 Direct materials used 2 $ $ 10,001 Direct labor Manufacturing overhead 5,262 8,683 Total manufacturing costs Beginning work in process inventory 8,438 4,188 16,218 1,875 Ending work in process inventory 3,121 Sales revenue 25,550 Sales discounts Cost of goods manufactured 2,608 17,242 Beginning finished goods inventory Goods available for sale 2,425 23,098 4,243 20,796 Cost of goods sold Ending finished goods inventory 4,491 Gross profit 3,509 7,501 Operating expenses 3,118 5,509 Net income 3) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Advertising expense Property taxes 65,420 on plant $130,280 $55,400 16,830 Property taxes on store Labor costs of assembly-line workers Factory supplies used 7,900 Delivery expense 29,840 Sales commissions 32,980 40,860 Salaries paid to sales clerks 114,550 54,840 Compute cost of goods manufactured. Cost of goods manufactured $ 4) Presented below are incomplete manufacturing cost data. Determine the missing amounts. Direct Materials Used (1) (2) (3) Direct Labor Used $41,910 $ $57,550 Factory Overhea d Total Manufacturin g Costs $ $64,680 $52,570 $76,590 $143,720 $299,730 $113,110 $313,320 $ Total Cost of Work Work Manufacturin Goods in Process in Process g Manufacture (1/1) (12/31) Costs d $ $ (1) $121,830 $84,590 (2) $299,730 (3) $313,320 $ $466,020 $99,040 $ $324,700 716,100Step by Step Solution
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