Question
XYZ Inc. has provided the following information for the year ended December 31, 2023: Raw material purchases: $3,500,000 Direct labor: $1,800,000 Indirect labor - factory:
XYZ Inc. has provided the following information for the year ended December 31, 2023:
Raw material purchases: $3,500,000
Direct labor: $1,800,000
Indirect labor - factory: $750,000
Factory supplies: $150,000
Factory utilities: $250,000
Factory rent: $200,000
Depreciation - factory machinery: $100,000
Depreciation - office equipment: $50,000
Office supplies: $75,000
Sales commissions: $400,000
Advertising expense: $300,000
Administrative salaries: $600,000
Inventory levels:
Beginning | Ending | |
Raw Materials | $350,000 | $450,000 |
Work in process | $450,000 | $400,000 |
Finished goods | $500,000 | $700,000 |
Requirements:
Calculate the total factory overhead.
Determine the cost of raw materials used.
Compute the total manufacturing costs.
Calculate the cost of goods manufactured.
Determine the cost of goods sold.
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