Answered: Allen Company used $71,000 of direct…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 54P: Preparation of Income Statement: Manufacturing Firm Laworld Inc. manufactures small camping tents....

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Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining 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 in process 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.

Allen CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31

			$- Select -
		$- Select -
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Factory overhead:
	$- Select -
	- Select -
	- Select -
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	- Select -
	- Select -	- Select -
Total manufacturing costs incurred			fill in the blank 22
Total manufacturing costs			$fill in the blank 23
			- Select -
Cost of goods manufactured			$fill in the blank 26

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