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%)
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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%)
erson
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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%)
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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%)
erson
samhankhanLv2
26 Apr 2023
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Related questions
Problem 2
Smith Carlson Corporation provided the following list of costdata to its manufacturing operations for the month of October20X5.
Beginning raw materials inventory | 2,416,000 |
Raw materials purchased (net) | 5,863,750 |
Ending raw materials inventory | 2,045,500 |
Direct labor costs | 805,750 |
Indirect materials | 313,750 |
Indirect labor | 222,250 |
Factory utilities and maintenance | 1,140,000 |
Factory depreciation | 141,500 |
Other factory relatedoverhead | 61,000 |
Beginning work in process | 1,942,500 |
Ending work in process | 1,792,500 |
Arrange the cost data into a statement of cost of goodsmanufactures.
If Smith Carlson Corporation cost of goods sold for the monthwas $10,000,000, how much was the increase or decrease in finishedgoods inventory for the month of October
WORKSHEET #2
a)
SMITH CARLSON CORPORATION | |||
SCHEDULE OF COST OF GOODS MANUFACTURED | |||
For the month ending October 31, 20X5 | |||
Direct materials: | |||
$ - | |||
- | |||
$ - | |||
- | |||
Raw materials transferred to production | $ - | ||
Direct labor | - | ||
Factory overhead | |||
$ - | |||
- | |||
- | |||
- | |||
- | - | ||
Total manufacturing costs | $ - | ||
- | |||
$ - | |||
- | |||
Cost of goods manufactured | $ - | ||
b)
The following cost data relate to the manufacturing activitiesof Chang Company during the just completed year: |
| Manufacturingoverhead costs incurred: | ||
| Indirect materials | $ | 15,800 |
| Indirect labor | 138,000 | |
| Property taxes,factory | 8,800 | |
| Utilities, factory | 78,000 | |
| Depreciation,factory | 150,600 | |
| Insurance, factory | 10,800 | |
| Total actualmanufacturing overhead costs incurred | $ | 402,000 |
| Other costsincurred: | ||
| Purchases of rawmaterials (both direct and indirect) | $ | 408,000 |
| Direct labor cost | $ | 68,000 |
| Inventories: | ||
| Raw materials,beginning | $ | 20,800 |
| Raw materials,ending | $ | 30,800 |
| Work in process,beginning | $ | 40,800 |
| Work in process,ending | $ | 70,800 |
The company uses a predetermined overhead rate to apply overheadcost to jobs. The rate for the year was $20 per machine-hour. Atotal of 20,500 machine-hours was recorded for the year. |
| 1.Compute the amount of underapplied or overapplied overheadcost for the year.
|
