196.Information for the Deuce Manufacturing Company follows. Compute the cost of goods manufactured for this company.
Beginning raw materials inventory$53,200
Beginning work in process, inventory78,400
Ending raw materials inventory58,100
Ending work in process, inventory98,000
Direct labor149,800
Total factory overhead105,000
Raw material purchases210,000
197.Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.
Administrative salaries expense$135,000
Depreciation expense—Factory equipment52,400
Depreciation expense—Delivery vehicles36,200
Depreciation expense—Office equipment24,800
Advertising expense22,350
Direct labor268,000
Factory supplies used12,000
Income taxes expense91,500
Indirect labor35,000
Indirect material24,000
Factory insurance15,500
Factory utilities14,000
Factory maintenance7,500
Inventories
Raw materials inventory, January 132,000
Raw materials inventory, December 3128,000
Work in Process inventory, January 133,780
Work in Process inventory, December 3137,460
Finished goods inventory, January 156,970
Finished goods inventory, December 3162,000
Raw materials purchases325,000
Rent expense—Factory50,000
Rent expense—Office space24,000
Rent expense—Selling Space24,000
Sales salaries expense97,500
Sales1,452,000
Sales discounts29,000
198.Martinez Company makes leather cowboy hats. Each hat requires ½ yard of leather to produce. On December 31, 2014, the company had (a) 75 hats in Finished Goods Inventory and (b) 60 yards of leather at a cost of $12 per yard in Raw Materials Inventory. During 2015, the company purchased 850 more yards of leather at $12 per yard and manufactured 1,600 hats. Determine the unit and dollar amounts of Raw Materials Inventory in leather at December 31, 2015.