definitions of manufacturing concepts interstate manufacturing produces brass fasten 502385 | Homework Solutions
Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass $75,000 Repair parts 16,000Machine lubricants 9,000 Wages and salaries Machine operators 128,000 Production supervisors 64,000Maintenance personnel 41,000 Other factory overhead Variable 35,000 Fixed 46,000 Sales commissions 20,000
Compute:
a. Total direct materials consumed
b. Total direct labor c. Total prime cost
d. Total conversion cost
Schedule of cost of goods manufactured, income statement The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,000 Selling expenses 34,000 Work in. process Sales 300,000 Jan. 129,000 Finished goods Dec. 31.
21,000
Jan. 1115,000
Direct material purchases
88,000
Dec. 31
131,000
Depreciation: factory
18,000
Raw (direct) materials on hand Indirect materials used
10,000
Jan. 13
1,000
Indirect labor
24,000
Dec. 3140,000
Factory taxes
8,000
Factory utilities
11,000
Prepare the following:
a. A schedule of cost of goods manufactured for the year ended December 31.
b. An income statement for the year ended December 31.
