Selected information of Nelson Company for 2021 are provided below: $ Inventories Direct materials, Jan 1,...

 

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Selected information of Nelson Company for 2021 are provided below: $ Inventories Direct materials, Jan 1, 2021 Work in process, Jan 1, 2021 Finished Goods, Jan 1, 2021 Costs incurred Advertising Direct labour Purchases of direct materials Rent, factory building Sales commissions Utilities, factory Maintenance, office equipment 9,000 Direct materials, Dec 31, 2021 5,000 Work in process, Dec 31, 2021 25,000 Finished Goods, Dec 31, 2021 200,000 180,000 264,000 Supplies, factory Depreciation, office equipment Depreciation, factory equipment Management salaries, factory 72,000 70,000 Janitor, factory 18,000 10,000 Lunchroom, factory Cost of goods manufactured Required: [You do not need to make a formal Schedule of Cost of Goods Manufactured i) How much ($) of direct materials were used in 2021? ii) What was the manufacturing overhead cost in 2021? iii) What was the total manufacturing cost in 2021? iv) What was the balance of the work-in-process inventory on Dec 31, 2021? v) What were the period costs in 2021? vi) What was the cost of goods sold in 2021? $ 28,000 ? 96,000 1,400 16,000 80,000 118,600 10,000 6,000 675,000 Selected information of Nelson Company for 2021 are provided below: $ Inventories Direct materials, Jan 1, 2021 Work in process, Jan 1, 2021 Finished Goods, Jan 1, 2021 Costs incurred Advertising Direct labour Purchases of direct materials Rent, factory building Sales commissions Utilities, factory Maintenance, office equipment 9,000 Direct materials, Dec 31, 2021 5,000 Work in process, Dec 31, 2021 25,000 Finished Goods, Dec 31, 2021 200,000 180,000 264,000 Supplies, factory Depreciation, office equipment Depreciation, factory equipment Management salaries, factory 72,000 70,000 Janitor, factory 18,000 10,000 Lunchroom, factory Cost of goods manufactured Required: [You do not need to make a formal Schedule of Cost of Goods Manufactured i) How much ($) of direct materials were used in 2021? ii) What was the manufacturing overhead cost in 2021? iii) What was the total manufacturing cost in 2021? iv) What was the balance of the work-in-process inventory on Dec 31, 2021? v) What were the period costs in 2021? vi) What was the cost of goods sold in 2021? $ 28,000 ? 96,000 1,400 16,000 80,000 118,600 10,000 6,000 675,000