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Manufacturing Quiz

The document outlines a financial summary including net sales of 828,940 and a gross profit of 174,440. It details costs related to manufacturing, including direct materials used, direct labor, and factory overhead, totaling a cost of goods sold of 654,500. Additionally, it breaks down factory overhead expenses and net purchases of direct materials.

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MilrosePaulinePascuaGuda
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31 views2 pages

Manufacturing Quiz

The document outlines a financial summary including net sales of 828,940 and a gross profit of 174,440. It details costs related to manufacturing, including direct materials used, direct labor, and factory overhead, totaling a cost of goods sold of 654,500. Additionally, it breaks down factory overhead expenses and net purchases of direct materials.

Uploaded by

MilrosePaulinePascuaGuda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Sales 848,940

Less: Sales Discount 12,000


Less:Sales Returns and Allowances 8,000
Net Sales 828,940

Direct materials Inventory, beg 58,400


Add: Net Purchases ** 299,600
Less:Direct materials Inventory, end 67,000
Direct Materials Used 291,000
Direct labor 184,200
Factory Overhead * 188,000
Total Manufacturing Cost 663,200
Add: Work In Process Inventory, beg 98,400
Less: Work In Process Inventory, end 96,400
Total Goods Manufactured 665,200
Add: Finished Goods Inventory, beg 36,900
Less: Finished Goods Inventory, end 47,600
Cost of Goods Sold 654,500

Gross Profit 174,440

*Factory Overhead
Depreciation Expense, Machinery 54,100
Property Tax Expense, Factory 9,400
Indirect labor Expense 46,900
Insurance Expense, Factory 10,700
Other Indirect Manufacturing Expense 16,500
Supervisor's salary, factory 32,700
Supplies Expense, Factory 17,700
Total Factory Overhead 188,000

Net Purchases **
Direct Materials Purchases 297,600
Less: Direct Materials Returns and Allowan 3,000
Add: Freight In 5,000
Net Purchases 299,600

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