FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 54,000 Rental of office space for administrative staff 18,500 Sales commissions 52,000 Direct material 1,220,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 33,000 Use the above cost data to complete the table below. Total prime costs $4 Total manufacturing overhead costs $ Total product costs Total period costsarrow_forwardWachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 352,000 Direct labor, health insurance 32,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 54,000 Rental of office space for administrative staff 18,500 Sales commissions 52,000 Direct material 1,220,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 62,000 Indirect labor, wages 70,000 Production supervisor's salary 33,000 Use the above cost data to complete the table below. Total prime costs Total manufacturing overhead costs $ Total product costs $ Total period costsarrow_forwardI want to answer this questionarrow_forward
- Lakeside Company estimated manufacturing overhead costs for 2014 at $390,000, based on 160,000 estimated direct labor hours. Actual direct labor hours for 2014 totaled 195,000. The manufacturing overhead account contains debit entries totaling $391,500. The manufacturing overhead for 2014 was: (Round your intermediate calculations to one decimal place)arrow_forwardAt the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: FG Inventory 8,000 Select one: Oa. debit of $67,000 $80,000 $190,000 Manufacturing overhead incurred $300,000 Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed $500,000 Selling Price of Jobs Sold $750,000 Cost of Jobs Sold $440,000 After these transactions have been recorded, the balance in the Work in process account is a: O b. credit of $63,000 O c. debit of $72,000 O d. debit of $70,000* Manufacturing O/H 0arrow_forwardAt the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000arrow_forward
- Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900arrow_forwardPrepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800arrow_forward
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