: The following cost data relate to Taylor Products Company for the year ended June 30, 2005.
Direct Materials $ 55,600
Direct Labor 72,400
Factory Overhead 36,500
Work in process inventory, July 1, 2004 38,200
Work in process inventory, June 30, 2005 34,800
Required:
- Calculate the manufacturing costs for the year.
- Calculate the cost of goods manufactured for the year.
: The following cost data relate to Taylor Products Company for the year ended June 30, 2005.
Direct Materials $ 55,600
Direct Labor 72,400
Factory Overhead 36,500
Work in process inventory, July 1, 2004 38,200
Work in process inventory, June 30, 2005 34,800
Required:
- Calculate the manufacturing costs for the year.
- Calculate the cost of goods manufactured for the year.
Related questions
The following information comes from the accounting records for Chelsea, Inc., for May:
| Direct materials inventory, May 1 | $ | 18,100 |
| Direct materials inventory, May 31 | 15,700 | |
| Work-in-process inventory, May 1 | 8,500 | |
| Work-in-process inventory, May 31 | 6,600 | |
| Finished goods inventory, May 1 | 54,200 | |
| Finished goods inventory, May 31 | 72,400 | |
| Direct materials purchased during May | 84,900 | |
| Direct labor costs, May | 59,000 | |
| Manufacturing overhead, May | 79,700 | |
Required:
a. Compute the total prime costs for the month of May.
| Total Prime Cost | ? |
b. Compute the total conversion costs for the month of May.
| Total Conversion Cost | ? |
c. Compute the total manufacturing costs for the month of May.
| Total Manufacturing Cost | ? |
d. Compute the cost of goods manufactured for the month of May.
| Cost of Goods Manufactured | ? |
e. Compute the cost of goods sold for the month of May.
| Cost of Good Solds | ? |
Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
The following data is provided for Garcon Company and Pepper Company.
| Garcon Company | Pepper Company | ||||||||
| Beginning finished goods inventory | $ | 12,100 | $ | 17,950 | |||||
| Beginning work in process inventory | 19,000 | 23,100 | |||||||
| Beginning raw materials inventory | 11,700 | 10,050 | |||||||
| Rental cost on factory equipment | 28,750 | 25,900 | |||||||
| Direct labor | 20,600 | 37,400 | |||||||
| Ending finished goods inventory | 20,600 | 13,100 | |||||||
| Ending work in process inventory | 22,900 | 21,600 | |||||||
| Ending raw materials inventory | 6,800 | 9,200 | |||||||
| Factory utilities | 10,650 | 14,000 | |||||||
| Factory supplies used | 11,500 | 5,100 | |||||||
| General and administrative expenses | 31,500 | 56,000 | |||||||
| Indirect labor | 2,350 | 8,680 | |||||||
| RepairsâFactory equipment | 7,340 | 3,750 | |||||||
| Raw materials purchases | 37,000 | 63,500 | |||||||
| Selling expenses | 57,200 | 48,100 | |||||||
| Sales | 204,030 | 327,510 | |||||||
| Cash | 22,000 | 21,700 | |||||||
| Factory equipment, net | 232,500 | 148,825 | |||||||
| Accounts receivable, net | 15,800 | 24,950 | |||||||
| Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 Required: | |||||||||
Required 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017.
|
Required 2:.
Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.
|
The following information comes from the accounting records for Chelsea, Inc., for May:
| Direct materials inventory, May 1 | $ | 18,000 |
| Direct materials inventory, May 31 | 15,300 | |
| Work-in-process inventory, May 1 | 9,500 | |
| Work-in-process inventory, May 31 | 5,000 | |
| Finished goods inventory, May 1 | 54,100 | |
| Finished goods inventory, May 31 | 73,000 | |
| Direct materials purchased during May | 84,500 | |
| Direct labor costs, May | 59,200 | |
| Manufacturing overhead, May | 79,400 | |
Required:
a. Compute the total prime costs for the month of May.
b. Compute the total conversion costs for the month of May.
c. Compute the total manufacturing costs for the month of May.
d. Compute the cost of goods manufactured for the month of May.
e. Compute the cost of goods sold for the month of May.
