what is the answer for number 2? Golets Sporting Goods Company manufactured 100,000 units in 2021 and reported thefollowing costs:P 32,000320,00022,400275,2002,176,000384,000672,0001,280,00096,00064,000Leasing costs - plantDepreciation - equipmentProperty taxes - equipmentFire insurance - equipmentDirect material purchasesDirect materials, 12/31/21Sales revenueP 384,000224,00032,00016,0003,136,000275,20012,800,000640,000576,000480,000800,000SandpaperMaterials handlingCoolants & lubricantsIndirect manufacturing laborDirect manufacturing laborDirect materials, 1/1/21Finished goods, 1/1/21Finished goods, 12/31/21Work-in-process, 1/1/21Work-in-process, 12/31/21Sales commissionsSales salariesAdvertising costsAdministration costsRequired:1. What is the amount of direct materials used in 2021?2. What manufacturing costs were added to WIP in 2021?

Manufacturing costs are costs that are incurred for the production and manufacturing of goods. It…

Golets Sporting Goods Company manufactured 100,000 units in 2021 and reported the following costs: Sandpaper Materials handling Coolants & lubricants Indirect manufacturing labor Direct manufacturing labor Direct materials, 1/1/21 Finished goods, 1/1/21 Finished goods, 12/31/21 Work-in-process, 1/1/21 Work-in-process, 12/31/21 Р 32,000 320,000 22,400 275,200 2,176,000 384,000 672,000 1,280,000 96,000 64,000 Leasing costs - plant Depreciation - equipment Property taxes - equipment Fire insurance - equipment Direct material purchases Direct materials, 12/31/21 Sales revenue Sales commissions Sales salaries Advertising costs Administration costs P 384,000 224,000 32,000 16,000 3,136,000 275,200 12,800,000 640,000 576,000 480,000 800,000 Required: 1. What is the amount of direct materials used in 2021? 2. What manufacturing costs woro addod to WID in 2021 2

Golets Sporting Goods Company manufactured 100,000 units in 2021 and reported the following costs: Sandpaper Materials handling Coolants & lubricants Indirect manufacturing labor Direct manufacturing labor Direct materials, 1/1/21 Finished goods, 1/1/21 Finished goods, 12/31/21 Work-in-process, 1/1/21 Work-in-process, 12/31/21 Р 32,000 320,000 22,400 275,200 2,176,000 384,000 672,000 1,280,000 96,000 64,000 Leasing costs - plant Depreciation - equipment Property taxes - equipment Fire insurance - equipment Direct material purchases Direct materials, 12/31/21 Sales revenue Sales commissions Sales salaries Advertising costs Administration costs P 384,000 224,000 32,000 16,000 3,136,000 275,200 12,800,000 640,000 576,000 480,000 800,000 Required: 1. What is the amount of direct materials used in 2021? 2. What manufacturing costs woro addod to WID in 2021 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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