Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

XYZ Company recorded the following information related to their inventoryaccounts for 2020 : January 1 , 2020 December 31 , 2020 Direct materials 37 ,

XYZ Company recorded the following information related to their inventoryaccounts for 2020:                          January 1, 2020        December 31, 2020Direct materials               37,000                   50,000Work in process                38,000                   41,000Finished goods                 22,000                   34,000The following costs were taken from XYZ Company's accounting records for2020:Direct materials purchased ..............................   $129,000Depreciation, factory equipment .........................     37,000Sales revenue ...........................................    590,000Utilities (60% for factory; 40% for office building) ....     20,000Sales commissions .......................................       ?Indirect materials ......................................     29,000Depreciation, office equipment ..........................     33,000Rent, factory building ..................................     60,000Net income ..............................................     10,000Direct labor ............................................     90,000Advertising .............................................     75,000Production supervisor's salary ..........................     82,000Assume that the actual overhead cost for 2020 was equal to the overheadapplied to production. Thus there was no overhead variance for 2020.Calculate XYZ Company's sales commissions for 2020.

Confused on if I need to find sale and administrative expense and where to go from there, I found overhead and cogs but the answer I received doesn't make sense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Dynamic Business Law

Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs

6th Edition

9781260733976

Students also viewed these Accounting questions