The following costs were incurred during the year by Hopefully Þepreciation of factory machines Oil used to lubricate factory machines Promotional expenses Raw materials used Repair of factory machines Salary of factory superintendent Wages of factory workers Salary of factory clerk Transportation cost of salesmen Packaging materials in the store P24,000 12,000 28,000 350,000 49,000 60,000 120,000 40,000 38,000 26,000 Gas/oil expenses of the general manager 80,000 33,000 Product warranty expense prod
Q: I. ABC company had the following expenses in June. $ 130,000 65,000 12,000 Direct labor Factory…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most…
A: By adding cost of raw material consumed and direct labor cost we get prime cost and then by adding…
Q: Loring Company incurred the following costs last year: Direct materials $ 216,000 Sales salaries $…
A:
Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000…
A: Lets understand the meaning of prime cost. Prime cost is a cost incurred to manufacture the product…
Q: Given the following costs incurred in a recent period: Direct materials - P33,000 Depreciation on…
A: Product cost refers to the costs incurred that are related to the factory> Expenses incurred in…
Q: Freeman Furnishings has summarized its data as shown: Depreciation of factory building $109,500…
A: Cost of goods manufactured is an important component of cost sheet in this component the total cost…
Q: Costs incurred by Carla Manufacturing Corporation during the year ar presented in the table below.…
A: The product cost includes the direct or indirect cost relating to the production.
Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: The following computations are done for Synder Corp.
Q: Ryan Corporation incurred the following costs while manufacturing its product. Materials used in…
A: 1 MATERIAL USED IN PRODUCT DIRECT MATERIAL 2 DEPRECIATION ON PLANT MANUFACTURING OVERHEAD 3…
Q: Redillas Corporation's 2021 manufacturing costs were as follows: Prime costs P 430,000 Depreciation…
A: Inventory means the stock of goods in which the businessmen deals. For the purpose of valuation of…
Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000…
A: Prime cost is the direct cost of the company related to material and labor. Manufacturing overhead…
Q: The following cost data were taken from the records of JGG manufacturing company: Depreciation…
A: Solution: Prime cost is the costs which are directly related to manufacturing activities which…
Q: Tyra Toy Company incurred the following costs during 20x1: Direct Materials ₱ 5,000,000 Direct…
A: Solution: Fixed cost of 20X1 = Depreciation Plant and equipment + Insurance + Supervisor salary +…
Q: Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000…
A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…
Q: Manufacturing overhead costs. . . . . . $630,000 Direct labor cost. . . . . . . . . . . . . . . . .…
A: Manufacturing overhead means the expense incurred in factory which is not directly linked with…
Q: A manufacturing firm's costs were as follows: o Factory overhead - $122,000 o Depreciation of…
A: Cost of production means total costs incurred for production and manufacturing of goods in the…
Q: XYZ Company reports the following costs and expenses in May. Factory utilities Direct labor…
A: Product and period cost are two different things. Product cost is the cost which is related to the…
Q: 7. Lopez Corporation incurred the following costs while manufacturing its product. Materials used in…
A: The question is related to manufacture of a product. The cost associated with the manufacturing are…
Q: Water Technology, Inc. incurred the following costs during 20x1. The company sold all of its…
A:
Q: Tom Corporation incurred the following costs while manufacturing its product. Materials used in…
A: COGS refers to direct cost of producing the goods which are sold by company.
Q: Tom Corporation Tom Corporation incurred the following costs while manufacturing its product.…
A: Manufacturing overheads = Factory supplies used +Depreciation on plant + Property taxes on store…
Q: Required information [The following information applies to the questions displayed below.] Listed…
A: Product costs are costs related with the production or manufacturing of goods. It includes direct…
Q: Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of…
A: 1. Compute the amount of overhead cost that would be applied to work in process for year and make…
Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most…
A: The cost of goods manufactured is a calculation that is used to gain a general understanding of…
Q: Listed here are the costs associated with the production of 1,000 drum sets manufactured by…
A: Manufacturing cost refers to the sum total of all the costs incurred to manufacture a product. It…
Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000…
A: The manufacturing overhead consists of total Indirect costs incurred for the production. The…
Q: Sunland Corporation incurred the following costs while manufacturing its product. Materials used in…
A: Cost of goods Manufactured = Materials used + Direct Labor cost + Factory Overheads + Beginning WIP…
Q: Within the costing system of Asempa manufacturing company the following types of expense are…
A: Concepts: Cost Classification is grouping the cost elements on the basis of specific characteristics…
Q: The Horizon Cable Manufacturing Company incurred the following costs while manufacturing its high…
A: Lets understand the basics. Cost of goods manufactured is a cost for manufacturing goods. On other…
Q: Tyra Toy Company incurred the following costs during 20x1: Direct Materials P 5,000,000 Direct Labor…
A: Total variable cost: The total variable cost refers to the sum of all costs that are affected by the…
Q: The following data were taken from the cost records of Morrey Company for last year: Depreciation,…
A: The cost of goods manufactured represents the total production costs which include all the direct…
Q: Loring Company incurred the following costs last year:Direct materials $ 216,000Factory rent…
A: Costs Product Cost Period Costs Direct Materials Direct Labor Manufacturing Overhead…
Q: Sheffield Company reports the following costs and expenses in May. Factory utilities $16,300…
A: Formulas: Manufacturing overhead = Factory utilities+Depreciation on factory equipment+Indirect…
Q: 3. The following costs were accrued for employee services: direct labor, $75,000; indirect labor,…
A: Answer 1) Predetermined Overhead Rate = Total Mnaufacturing Overhead / Machine-hours…
Q: Glavine Corporation incurred the following costs while manufacturing its product. Materials used in…
A: In order to determine the cost of goods sold, the opening stock of finished goods is required to be…
Q: Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product…
A: Cost of goods manufactured = Total manufacturing costs + Beginning work in process - Closing work in…
Q: The Company manufactures furniture at its New York factory. Some of its costs from the past year…
A: All costs are divided into the product cost and period costs, where product cost is further divided…
Q: Assume that a manufacturing company incurred the following costs: Direct labor $ 90,000 $ 40,000 $…
A: Manufacturing Overheads: Manufacturing overhead involves a company's manufacturing operations. It…
Q: he following cost data were taken from the records of A Manufacturing Company: Depreciation on…
A: Total manufacturing costs in the business means total costs incurred for the production or…
Q: Tyra Toy Company incurred the following costs during 20x1: Direct Materials ₱ 5,000,000 Direct…
A: Total variable cost: The total variable cost refers to the sum of all costs that are affected by the…
Q: Required information [The following information applies to the questions displayed below.] Listed…
A:
Q: Dino Company incurred the following costs while manufacturing its products. Salaries paid to sales…
A: Cost of goods manufactured refers to the total cost incurred by an entity for manufacturing goods…
Q: Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from…
A: The product cost includes the direct and indirect cost incurred on production of goods.
Q: The following cost data were taken from the records of a manufacturing company: Depreciation on…
A: Manufacturing costs are the costs which are incurred during the process of production of a product…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cullumber Corporation incurred the following costs while manufacturing its product: Materials used in product Depreciation on plant Property taxes on warehouse Labour costs of assembly-line workers Factory supplies used Calculate the cost of goods manufactured. Cost of goods manufactured $120,100 $ 65,000 8,430 110,000 25,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,250 19,300 21,700 Work in process inventory was $10,600 at January 1 and $14,600 at December 31. Finished goods inventory was $60,600 at January 1 and $51,300 at December 31. 35,300 50,100Flounder Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Compute cost of goods manufactured. $108,000 Cost of goods manufactured $ 54,000 6,750 99,000 20,900 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $40,500 12,700 18,800 Work in process inventory was $10,850 at January 1 and $13,900 at December 31. Finished goods inventory was $54,000 at January 1 and $41,000 at December 31. 31,500 45,000The following costs were incurred by a manufacturing company: Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary $121,800 Calculate cost of goods manufactured. 6,500 910 150,500 3,050 4,700 21,450 50,750 Work in process inventory was $5,100 at January 1 and $6,200 at December
- The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,000 130,000 8,000 70,000 240,000 10,000 $ 473,000 $ 400,000 $ 60,000 $ 20,000 $ 30,000 $ 40,000 $ 70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19,400 machine- hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your…The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant Property taxes on plant Labour costs of assembly-line workers Factory supplies used Advertising expense Factory insurance Factory supervisor's salary (a) $120.000 6.230 840 Calculate cost of goods manufactured 150,700 3,350 4.550 21.900 50,000 Work in process inventory was $5.200 at January 1 and $6,600 at December 31. Finished goods inventory was $30.000 at January 2 and $30,500 at December 31 11.The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,600 136,000 8,600 76,000 250,700 10,600 $ 497,500 $ 406,000 $ 66,000 $ 20,600 $ 30,600 $ 40,600 $ 70,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.
- Metlock Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information $13,300 10.870 3,340 Manufacturing overhead 42,120 69,440 118,480 7,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead.. $59,480 39,820 2.150 1,130 1,720 12.900 2,260 suRyan Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Instructions $100,000 60,000 7,500 110,000 13,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs.Consider the following costs incurred in a recent period: Direct Materials $ 33,000 Depreciation on factory equipment $ 12,000 Factory janitor's salary $ 23,000 Direct labor $ 28,000 Utilities for factory $ 9,000 Selling expenses $ 16,000 Production supervisor's salary $ 34,000 Administrative expenses $ 21,000 What was the total amount of the period costs listed above for the period? a. $78,000 b. $71,000 c. $37,000 d. $46,000
- Sage Hill Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (a) $16,900 Manufacturing overhead $ 13,870 4,540 54,120 88,640 152,080 9,400 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead. $76,280 50,620 2,750 1,490 2,200 16,500 2,860The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Factory overhead costa incurred during the year: P 1,600 2,600 5,100 13.000 2,500 P24,800 Property taxes - factory Utilities - factory Indirect labor Depreciation - factory Insurance - factory Total Actual FOH costs Other costa incurred during the year: Purchases of raw materials Direct labor cost P15,000 Inventoriea: Raw materials, beginning Raw materiala, ending Work-in-process, beginning Work-in -process, ending P5,000 4,400 3,500 4,500 The company uses a predetermined overhead rate to charge overhend cost to production. The rate for the year just completed was P4.00 per machine-hour; a total of 6,000 machine-hours wRre recorded for the year. Compute for the cost of goods manufactured for the vear.Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depreciation of manufacturing equipment P70,000 Depreciation of manufacturing building P40,000 Janitors wages for cleaning factory premises P15,000 How much is the manufacturing overhead?