Yamishi Production had the following inventories for the first quarter of 20xx:
$\begin{array}{lcr}
& \text { Beginning } & \text { Ending } \
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200 \
\end{array}$ 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:
 $\begin{array}{lcr} 
& \text { Beginning } & \text { Ending } \
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200 \
\end{array}$ 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:
 $\begin{array}{lcr} 
& \text { Beginning } & \text { Ending } \
\text { Materials } & \$ 606,600 & \$ 522,100 \
\text { Work in process } & 312,100 & 280,800 \
\text { Finished goods } & 416,100 & 540,200 \
\end{array}$ 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