1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nikitich [7]
3 years ago
7

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month

ended March 31 are as follows:
Inventories March 1 March 31
Materials $178,750 $151,940
Work in process 119,760 101,800
Finished goods 91,160 103,320
Direct labor $321,750
Materials purchased during March 343,200
Factory overhead incurred during March:
Indirect labor 34,320
Machinery depreciation 20,740
Heat, light, and power 7,150
Supplies 5,720
Property taxes 5,010
Miscellaneous costs 9,300

Required:
a. Prepare a cost of goods manufactured statement for
b. Determine the cost of goods sold for March.
Business
1 answer:
julsineya [31]3 years ago
5 0

Answer and Explanation:

a. The preparation of the cost of goods manufactured statement is as follows:

Opening work in process $119,760

Direct Material    

Opening inventory $178,750  

Add: Material Purchased $343,200  

Cost of Materials Available  $521,950  

Less: Ending Inventory -$151,940  

Cost of Direct Materials Used $370,010  

Direct Labor  $321,750  

Factory Overhead:    

Indirect Labor $34,320  

Machinery Depreciation $20,740  

Heat, Light and Power $7,150  

Supplies $5,720  

Property Taxes $5,010  

Miscellaneous Costs $9,300  

Total Factory Overhead $82,240  

Total Manufacturing Costs Incurred $774,000

Total Manufacturing Costs   $893,760

Less: Ending Work in Process $101,800

Cost of Goods Manufactured $791,960

b. Now the cost of goods sold is

Cost of Goods Sold= Cost of Goods Manufactured + Beginning Finished Goods - Ending Finished Goods

= $791,960 + $91,160 - $103,320

= $779,800

You might be interested in
If Central Bank A cares only about keeping the price level stable and Central Bank B cares only about keeping output at its natu
dexar [7]

<u>A)</u><u> Both Central Bank A and Central Bank B should </u><u>increase</u><u> the </u><u>quantity</u><u> of </u><u>money.</u>

<u></u>

<h3><u>What is the Central Bank?</u></h3>

A financial institution with exclusive authority over the creation and distribution of money and credit for a country or a group of countries is known as the central bank. In contemporary economies, the central bank is typically in charge of monetary policy formulation and member bank regulation. Inherently non-market-based or even anti-competitive institutions are central banks. Many central banks, despite the fact that some have been nationalized, are not part of the government and are therefore frequently hailed as being politically independent. However, even though a central bank isn't technically the government's property, its rights are still created and safeguarded by the law.

Learn more about central banks with the help of the given link:

brainly.com/question/24171524?referrer=searchResults

#SPJ4

<u></u>

<u></u>

8 0
2 years ago
According to CEO Heidi Ganahl, Camp Bow Wow requires a strong and consistent corporate culture to keep all local franchise owner
geniusboy [140]

Answer:

The correct answer is letter "A": are inflexible and incapable of adapting to environmental change.

Explanation:

Strong consistent cultures are characterized by having endured during long periods of history. Their success in enduring relies on certain strict behaviors and rules adopted by their followers. At the same time, one of the features of these cultures is that they are reluctant to change or to adopt new trends to their way of living.

4 0
3 years ago
Improvement Planning is part of the __________ process:
hoa [83]
Improvement Planning is part of the A.) PROJECT MANAGEMENT process.

Project management process includes initiating, planning, executing, controlling, and closing the work of the team to achieve specific goals based on a specific criteria.

Improvement planning is in the latter part of the project management process wherein it is done after feedback from initial execution is given.
4 0
3 years ago
When goods are produced privately, but the cost of their purchase is paid for by the taxpayer or some other third party, a. cons
Gre4nikov [31]

Answer:

b. private producers of such goods will have little incentive to control costs and provide them at low prices

Explanation:

Externality is a situation where the production activities of market participants (either producers or consumers) have an effect on third parties not involved in production.

Externality is a form of market inefficiency.

Negative externality is when goods are produced privately, but the cost of their purchase is paid for by the taxpayer or some other third party.

When negative externality occurs, producers have little incentive to reduce cost because they don't bear the total brunt of their activities. This is why activities that generate negative externality are over produced.

Government needs to step in to control this problem. They can either impose tax on producers or regulate their activities.

Pollution is an example of negative externality.

I hope my answer helps you

3 0
3 years ago
Box Elder Power Company expects to operate at 85% of productive capacity during May. The total manufacturing costs for May for t
olga nikolaevna [1]

Answer:

The unit cost below which Box Elder Power Company should not go in bidding on the government contract is $9.30

Explanation:

Box Elder power company produced 40,000 batteries in the month of May

Total Direct materials = $240,000

Total Direct labor = 100,000

Total Variable factory overhead = 32,000

Total Fixed factory overhead = 150,000

Total manufacturing costs = $522,000

So only relevant costs are:-

Direct Material per unit = $240,000 ÷ 40,000 = $6 0

Direct Labor per unit = $100,000 ÷ 40,000 = $2.5 0

Variable Factory OH per unit = $32,000 ÷ 40,000 = $0.8 0

Therefore total overhead = $9.3 0

8 0
3 years ago
Other questions:
  • British metals is reviewing its current accounts to determine how a proposed project might affect the account balances. the firm
    5·1 answer
  • Razor Inc. manufactures industrial components. One of its products used as a subcomponent in auto manufacturing is Fluoro2211. T
    13·1 answer
  • 2. What would you say to some who said that citizens had no right to know where their federal income tax money goes?
    5·1 answer
  • To reduce the amount of time it takes to apply packaging to its finished products, North Star Foods is implementing new equipmen
    11·1 answer
  • How to eat a burger at bobs grill respectfully
    5·2 answers
  • Bandingkan bentuk pemilikan<br>Perniagaan koperasi dengan<br>perniagaan lain​
    5·1 answer
  • Explain why good research habits are important and how they relate to personal integrity and ethics.
    7·1 answer
  • What is the form of payment, form of acquisition, acquisition vehicle, and post-closing organization?
    15·1 answer
  • Do u think he is cute??? if so thennn.. ikrrrr he is so fineee.. but anyways just follow him on tik. t0 k
    7·2 answers
  • Providing and recording documents are performed by:____________.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!