Yamishi Production had the following inventories for the first quarter of 20xx:
$\begin{array}{lrr}
&\text { Beginning }&\text { Ending }\
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200
\end{array}$
Purchases of materials during the quarter were $427,800.Total direct labor costs were incurred in the amount of $1,482,000.Actual overhead costs were incurred as follows: operating supplies used,$17,100; janitorial and maintenance,$87,300; employee benefits,$26,400; utilities,$162,000; depreciation of factory,$43,200; property taxes,$24,000; factory insurance,$29,000.Net sales for the quarter were $3,562,200.Selling and administrative expenses were $508,000.Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 20xx.

Question

Yamishi Production had the following inventories for the first quarter of 20xx:
 $\begin{array}{lrr}
&\text { Beginning }&\text { Ending }\
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200
\end{array}$
 Purchases of materials during the quarter were $427,800.Total direct labor costs were incurred in the amount of $1,482,000.Actual overhead costs were incurred as follows: operating supplies used,$17,100; janitorial and maintenance,$87,300; employee benefits,$26,400; utilities,$162,000; depreciation of factory,$43,200; property taxes,$24,000; factory insurance,$29,000.Net sales for the quarter were $3,562,200.Selling and administrative expenses were $508,000.Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 20xx.

Quizplus · Accepted Answer

The Answer of Yamishi Production had the following inventories for the first quarter of 20xx:
 $\begin{array}{lrr}
&\text { Beginning }&\text { Ending }\
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200
\end{array}$
 Purchases of materials during the quarter were $427,800.Total direct labor costs were incurred in the amount of $1,482,000.Actual overhead costs were incurred as follows: operating supplies used,$17,100; janitorial and maintenance,$87,300; employee benefits,$26,400; utilities,$162,000; depreciation of factory,$43,200; property taxes,$24,000; factory insurance,$29,000.Net sales for the quarter were $3,562,200.Selling and administrative expenses were $508,000.Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 20xx.

Yamishi Production Had the Following Inventories for the First Quarter