Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations

	Direct Materials Used		Direct Labor Used		Factory Overhead		Total Manufacturing Costs
(1)	$40,000		$61,000		$50,000		$ ?
(2)	$ ?		$75,000		$140,000		$296,000
(3)	$55,000		$ ?		$111,000		$310,000

Determine the missing amounts.

	Total Manufacturing Costs		Work in Process (January 1)		Work in Process (December 31)		Cost of Goods Manufactured
(1)	$ ?		$120,000		$82,000		$ ?
(2)	$296,000		$ ?		$98,000		$331,000
(3)	$310,000		$463,000		$ ?		$715,000

Knight Company reports the following costs and expenses in May.

Factory utilities		$15,500		Direct labor		$69,100
Depreciation on factory equipment		12,650		Sales salaries		46,400
Depreciation on delivery trucks		3,800		Property taxes on factory building		2,500
Indirect factory labor		48,900		Repairs to office equipment		1,300
Indirect materials		80,800		Factory repairs		2,000
Direct materials used		137,600		Advertising		15,000
Factory manager?s salary		8,000		Office supplies used		2,640

From the information:

Determine the total amount of product costs.

Determine the total amount of period costs.

Lopez Corporation incurred the following costs while manufacturing its product.

Materials used in product		$120,000		Advertising expense		$45,000
Depreciation on plant		60,000		Property taxes on plant		14,000
Property taxes on store		7,500		Delivery expense		21,000
Labor costs of assembly-line workers		110,000		Sales commissions		35,000
Factory supplies used		23,000		Salaries paid to sales clerks		50,000

Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.

Answer rating: 100% (QA)

Direct Material Used Direct Labor Used Factory Overhead Total Manufacturing Cost 1 40000 61000 50000 ... View the full answer