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.
Ex 2-5: Iowa Products Company accumulated the following data for 2005.
Jan 1, 2005 Dec 31, 2005
Inventories:
Finished Goods $ 52,000 $ 54,000
Work in Process 29,600 27,800
Raw materials 14,200 15,000
Direct labor 95,000
Raw material purchase s 138,000
Indirect labor 15,300
Indirect materials and supplies 10,800
Factory utilities 18,600
Depreciation expense- Factory 14,000
Factory rent 18,000
Payroll taxes- Factory wages 8,100
Repairs and maintenance 6,000
Insurance expense- Factory 6,800
Miscellaneous factory expenses 5,200
Sales 710,000
Sales discount 12,000
Selling expenses 95,600
General expenses 75,300
Interest expenses 7,000
Required:
-
Prepare a statement of cost of goods manufactured.
-
Prepare an income statement (assume an income tax rate of 25%)
DOESNOT GAIN THE ANSWER
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.
Ex 2-5: Iowa Products Company accumulated the following data for 2005.
Jan 1, 2005 Dec 31, 2005
Inventories:
Finished Goods $ 52,000 $ 54,000
Work in Process 29,600 27,800
Raw materials 14,200 15,000
Direct labor 95,000
Raw material purchase s 138,000
Indirect labor 15,300
Indirect materials and supplies 10,800
Factory utilities 18,600
Depreciation expense- Factory 14,000
Factory rent 18,000
Payroll taxes- Factory wages 8,100
Repairs and maintenance 6,000
Insurance expense- Factory 6,800
Miscellaneous factory expenses 5,200
Sales 710,000
Sales discount 12,000
Selling expenses 95,600
General expenses 75,300
Interest expenses 7,000
Required:
- Prepare a statement of cost of goods manufactured.
- Prepare an income statement (assume an income tax rate of 25%)
DOESNOT GAIN THE ANSWER