1- The formula to determine the cost of goods manufactured is: a) Beginning raw materials inventory + Total manufacturing costs - Ending work in process inventory b) Beginning work in process inventory + Total manufacturing costs - Ending finished goods inventory c) Beginning finished good inventory + Total manufacturing costs - Ending finished goods inventory d) Beginning work in process inventory + Total manufacturing costs - Ending work in process inventory 2- When incurred, factory labor costs are debited to: a) Work in Process b) Factory Wages Expense c) Factory Labor
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Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $126,900 Advertising expense $50,000 Depreciation on plant 70,600 Property taxes on plant 23,000 Property taxes on store 8,360 Delivery expense 25,800 Labor costs of assembly-line workers 119,600 Sales commissions 36,500 Factory supplies used 25,000 Salaries paid to sales clerks 59,600 Work in process inventory was $14,600 at January 1 and $16,800 at December 31. Finished goods inventory was $69,000 at January 1 and $49,900 at December 31. Compute cost of goods manufactured. Cost of goods manufactured Compute cost of goods sold. Cost of goods sold
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Madtack Company's beginning and ending inventories for the month of November were as follows: November 1 November 30 direct materials $67,000 $62,000 work in process $145,000 $171,000 finished goods $85,000 $78,000 Production data for the month follows: Direct labor cost incurred $200,000 Actual manufacturing overhead cost incurred $132,000 Direct materials purchases $163,000 Transportation in $4,000 Purchase returns and allowances $2,000 Madtack uses one overhead control account and charges overhead to production at 70% of direct labor costs. The company does not formally recognize over or underapplied overhead until year-end. What are the total manufacturing costs for November?
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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $192,000 $176,540 Work in process 398,530 466,630 Finished goods 535,960 563,080 Direct labor $3,200,000 Materials purchased during March 2,437,660 Factory overhead incurred during March: Indirect labor 292,570 Machinery depreciation 192,000 Heat, light, and power 160,000 Supplies 31,900 Property taxes 27,420 Miscellaneous costs 41,780 Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar.
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