low product company accumulated the following data for 2005

Iowa products company accumulated what data in 2005?

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:

1. Calculate the manufacturing costs for the year.
2. 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:

1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

6. (TCO 9) Mace Company accumulates thefollowing data concerning a mixed cost, using miles as the activitylevel.

Compute the variable and fixed cost elements using the high-lowmethod. (Points : 30)