Need help with this The following account balances are from Woods Corporation accounting records for the yearended December 31, 2008.Required:1. Determine the amount of Direct materials used in production2. Determine the amount of factory overhead costs3. Determine the prime cost & conversion costs4. A schedule for factory/manufacturing overhead costs5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost andtotal manufacturing cost to account for6. An Income Statement for Woods Corporation for the year ended December 31,20087. During the year Woods corporation produced 20,000 pieces of furniture. What was the unitproduct cost?8. How does the format of the income statement for a manufacturing concern differ from theincome statement of a merchandising business?Advertising expense$ 85,000Amortization expense – Patents16,000Special Design CostBad Debts expense10,00028,000Depreciation expense – Office equipment37,000Depreciation expense – Factory Building133,000Depreciation expense – Factory equipment78,000Direct Labour250,000Factory insurance expired62,000Factory supervision74,000Factory supplies used21,000Utilities*115,000Finished goods inventory, Jan 1 200815,000Finished goods inventory, Dec 31 200812,500Work in process inventory, Jan 1 20088,000Work in process inventory, Dec 31 20089,000Indirect labour26,000Interest expense25,000Miscellaneous expense55,000Property taxes on factory equipment14,000Raw materials inventory, Jan 1 200860,000Raw materials inventory, Dec 31 200878,000Raw materials purchases313,000Repairs expense – factory equipment31,000Salaries expense150,000Sales1,630,000* Of the total utilities expense 60% relates to manufacturing and 4o% relates toAdministrative costs.

1. Amount of direct material used in production = Raw materials inventory, Jan 1 2008 + Raw material…

The following account balances are from Woods Corporation accounting records for the year ended December 31, 2008. Required: 1. Determine the amount of Direct materials used in production 2. Determine the amount of factory overhead costs 3. Determine the prime cost & conversion costs 4. A schedule for factory/manufacturing overhead costs

The following account balances are from Woods Corporation accounting records for the year ended December 31, 2008. Required: 1. Determine the amount of Direct materials used in production 2. Determine the amount of factory overhead costs 3. Determine the prime cost & conversion costs 4. A schedule for factory/manufacturing overhead costs

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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