Yamishi Production had the following inventories for the first quarter of 2014:
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 2014.

Question

Yamishi Production had the following inventories for the first quarter of 2014:
 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 2014.

Quizplus · Accepted Answer

The Answer of Yamishi Production had the following inventories for the first quarter of 2014:
 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 2014.

Yamishi Production Had the Following Inventories for the First Quarter