174.Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the currentyear. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costspertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of$7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work inprocess inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Prepare a statement of cost of goods manufactured.
175.Davis Manufacturing Company had the following data:
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January 1
|
December 31
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Accounts receivable
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$27,000
|
$33,000
|
Materials inventory
|
22,500
|
6,000
|
Work in process inventory
|
70,200
|
48,000
|
Finished goods inventory
|
3,000
|
15,000
|
Collections on account were $625,000.
Cost of goods sold was 68% of sales.
Direct materials purchased amounted to $90,000.Factory overhead was 300% of the cost of direct labor.
Compute:
a)Sales revenue (all sales were on account)
b)Cost of goods sold
c)Cost of goods manufactured
d)Direct labor used
e)Direct materials incurred
f)Factory overhead incurred
176.Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presentedbelow for the year ended December 31.
Materials inventory, December 31
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$ 15,000
|
Direct materials purchased
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28,000
|
Direct materials used
|
22,900
|
Cost of goods manufactured
|
135,000
|
Additional information:
Factory overhead is 150% of direct labor cost
Finished goods inventory decreased by $18,000 during the yearWork in process inventory increased by $12,000 during the year
Calculate:
a)Materials inventory, January 1
b)Direct labor cost
c)Factory overhead incurred
d)Cost of goods sold