Question
Questions 1, 2, and 3 are based on the following items (in millions) pertaining to the Chan Corporation For Specific Date For Year 20X1 Work
Questions 1, 2, and 3 are based on the following items (in millions) pertaining to the Chan Corporation
For Specific Date For Year 20X1
Work in process, January 1, 20X1 $15 Plant utilities $ 5
Direct materials, December 31, 20X1 5 Indirect manufacturing labor 20
Finished goods, December 31, 20X1 12 Depreciation - plant, building,
Accounts payable, December 31, 20X1 20 and equipment 9
Accounts receivable, January 1, 20X1 50 Revenues 350
Work in process, December 31, 20X1 2 Miscellaneous manufacturing
Finished goods, January 1, 20X1 40 overhead 10
Accounts payable, January 1, 20X1 40 customer-service costs 90
Direct materials, January 1, 20X1 30 Purchases of direct materials 85
Direct manufacturing labor 40
Plant supplies used 6
Property taxes on plant 1
General Administrative Expense 8
For the year ended December 31, 20X1, calculate Chans:
1. Prime Costs: ________________
2 Non-inventoriable Costs ________________
3. Gross Margin _______________
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