Subject- accounting Current Attempt in ProgressKingbird Corporation incurred the following costs during 2022.Direct materials used in productDepreciation on factoryProperty taxes on storeLabor costs of assembly-line workersFactory supplies used(a)Your answer is incorrect.Compute cost of goods manufactured.Cost of goods manufactured$96,00048,000$6,00088,00018,400Advertising expenseProperty taxes on factoryDelivery expenseSales commissionsSalaries paid to sales clerksWork in process inventory was $9,600 at January 1 and $12,400 at December 31. Finished goods inventory was $48,000 at January 1and $36,500 at December 31.$36,000261,60011,20016,80028,00040,000

The manufacturing cost includes the cost that is incurred to manufacture the product. It means the…

Kingbird Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used $96,000 48,000 6,000 88,000 18,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $36,000 11,200 16,800 28,000 40,000 Work in process inventory was $9,600 at January 1 and $12,400 at December 31. Finished goods inventory was $48,000 at January 1 and $36,500 at December 31.

Kingbird Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used $96,000 48,000 6,000 88,000 18,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $36,000 11,200 16,800 28,000 40,000 Work in process inventory was $9,600 at January 1 and $12,400 at December 31. Finished goods inventory was $48,000 at January 1 and $36,500 at December 31.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.3E: Classifying costs as factory overhead Which of the following items are properly classified as part...

See similar textbooks

Similar questions

Differential analysis report for machine replacement proposal Catalina Tooling Company is considering replacing a machine that has been used in its factory for two years. Relevant data associated with the operations of the old machine and the new machine, neither of which has any estimated residual value, are as follows: Annual nonmanufacturing operating expenses and revenue are not expected to be affected by the purchase of the new machine. Instructions List other factors that should be considered before a final decision is reached.
Please Help Me ASAP For the year 2020, the following cost data pertain to the Leatherex Company's manufacturing activities: Costs of manufacturing overhead: Factory property taxes are $1,500. Factory 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 3,000 indirect materials 5,000 hours of indirect work Factory depreciation is 12,000 dollars. 3,000 in factory insurance $27,000 in total Other expenses incurred include: Direct material purchases totaled $16,000. $20,000 was spent on direct labour. Stockpiles: January 1st, direct materials $4,000 December 31st, direct materials $3,500.00 $3,000 for work in progress as of January 1st. December 31st, work in progress $3,750.00 January 1st, Finished Goods $3,850 December 31 Finished Goods $3,400 To apply manufacturing, the company uses a fixed overhead rate based on machine hour. Production costs include overhead. Last year, the cost was $5.00 per machine-hour. At the start of this, The production manager expected to…
Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500
Black Widow Company had the following costs for 2020: Raw materials P700,000 Direct labor P100,000 Miscellaneous FOH P80,000 Depreciation on machines P40,000 Rent for the factory building P50,000 Rent for dales office P30,000 Depreciation on store equipment P20,000 How much of those costs should be inventoried under absorption (A) and variable (V) costing methods? Select one: a. (A) P970,000; (V) P800,000 b. (A) P1,000,000; (V) P880,000 c. (A) P1,020,000; (V) P880,000 d. (A) P930,000; (V) P800,000
Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes? Group of answer choices P 5,470,000 P 5,120,000 P 4,120,000 P 4,000,000
Roundhead Corporation’s 2021 manufacturing costs were as follows: Prime costs P 4,000,000 Depreciation of factory equipment 600,000 Depreciation of factory building 400,000 Salaries of janitor assigned in factory premises 120,000 Salesmen’s commission based on sales 200,000 Depreciation for delivery van 150,000 How much of these costs should be considered product / manufacturing costs or inventoried for external reporting purposes?
Capiz Company's 2020 manufacturing costs were as follows: Direct materials P70,000; Direct labor P50,000; Depreciation of manufacturing equipment P85,000; Depreciation of factory building P50,000; Janitor's wages for cleaning factory premises P15,000. How much of these costs should be inventoried using the throughput accounting? a.P 50,000 b.P 70,000 c.P120,000 d.P270,000
Windsor Corporation incurred the following costs during 2022. Direct materials used in product $120,000 Advertising expense $45,000 Depreciation on factory 60,000 Property taxes on factory 14,200 Property taxes on store 7,500 Delivery expense 20,800 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,400 Salaries paid to sales clerks 50,000 Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31. Compute cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars Compute cost of goods sold. Cost of goods sold $enter the cost of goods sold in dollars
Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine the total amount of Manufacturing overhead Product costs Period costs Advertising P 15,000 Factory utilities P 10,800 Depreciation-Factory Equipment 14,500 Indirect labor 55,200 Depreciation-Delivery Truck 10,800 Office supplies used 11,100 Direct labor 82,100 Property taxes-Factory 5,500 Direct materials used 135,600 Repairs-Office Equipment 4,200 Factory manager’s salary 25,000 Sales commissions 32,000 Factory repairs 13,500 Sales salaries 73,400
SHOW YOUR SOLUTIONS and FORMULA, please do not use excel The Maylad Corporation has requested you to analyze its financial statements for 2019 and has provided you with the following information. Account Titles 2019 2018 Sales 600,000 400,000 Direct Materials Inventory, January 1 16,000 26,080 Direct Materials Purchases 108,000 95,120 Direct Materials, Inventory Dec. 31 24,000 16,000 Direct Labor 81,000 64,000 Factory overhead (including depreciation of P10,000 for 2019 and P6,000 for 2018) 60,000 48,000 Operating Expenses (including depreciation of P12,000) 250,000 120,000 Interest Expenses 6,000 5,000 Provision for Income Tax 32,000 23,000 Work in Process, Jan. 1 27,000 13,800 Work in Process, Dec. 31 32,000 27,000 Finished goods, Jan. 1 52,000 45,000 Finished goods, Dec. 31 48,000 52,000 Cash 30,000 24,400 Marketable Securities 10,000 32,000 Accounts…
SHOW YOUR SOLUTIONS and FORMULA, please do not use excel The Maylad Corporation has requested you to analyze its financial statements for 2019 and has provided you with the following information. Account Titles 2019 2018 Sales 600,000 400,000 Direct Materials Inventory, January 1 16,000 26,080 Direct Materials Purchases 108,000 95,120 Direct Materials, Inventory Dec. 31 24,000 16,000 Direct Labor 81,000 64,000 Factory overhead (including depreciation of P10,000 for 2019 and P6,000 for 2018) 60,000 48,000 Operating Expenses (including depreciation of P12,000) 250,000 120,000 Interest Expenses 6,000 5,000 Provision for Income Tax 32,000 23,000 Work in Process, Jan. 1 27,000 13,800 Work in Process, Dec. 31 32,000 27,000 Finished goods, Jan. 1 52,000 45,000 Finished goods, Dec. 31 48,000 52,000 Cash 30,000 24,400 Marketable Securities 10,000 32,000 Accounts…
The following information relates to Josma ltd for the month of July 2020.The company usessingle/unit costing method. The company expects to produce 1,000 units during the month of July 2020 Additional Information:1. Some products had some defects which required additional work being carried out in the factory to correct these defects. The cost of correcting these defective products was Shs 250,000.2. The was a by-product that resulted from the production which was sold generating cash amounting to Shs 480,000 Required:i) Prepare a cost sheet for the company using the single/unit costing method. The cost sheet should indicate all the totals for all major categories of costs including (Prime Cost; Works/Factory cost, Cost of production, Cost of goods sold and Cost of sales).ii) Calculate the profit the profit/loss the company will have for the month of July 2020 if the projected revenue is 96,000,000