XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .......................... 33,000 Rent, factory building .................................. 60,000 Net income .............................................. 10,000 Direct labor ............................................ 90,000 Advertising ............................................. 57,000 Production supervisor's salary .......................... 82,000 Assume that the actual overhead cost for 2020 was equal to the overhead applied to production. Thus there was no overhead variance for 2020. Calculate XYZ Company's conversion costs for 2020.
Total conversion cost = $316,000
Working
Conversion cost = Direct labor + Manufacturing overhead
Direct labor | $ 90,000.00 | |
Manufacturing overheads | ||
Depreciation, factory equipment | $ 37,000.00 | |
Factory utilities | $ 18,000.00 | |
Indirect materials | $ 29,000.00 | |
Rent, factory building | $ 60,000.00 | |
Production supervisor's salary | $ 82,000.00 | |
Total Manufacturing overheads | $ 226,000.00 | |
Total conversion cost | $ 316,000.00 |
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020...
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 50,000 37,000 Work in process 38,000 41,000 Finished goods 32,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: Direct materials purchased .............................. $129,000 Depreciation, factory equipment ......................... 37,000 Sales revenue ........................................... 590,000 Utilities (60% for factory; 40% for office building) .... 30,000 Sales commissions ....................................... ? Indirect materials ...................................... 29,000 Depreciation, office equipment .............................
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 37,000 50,000 Work in process 38,000 41,000 Finished goods 22,000 34,000 The following information was taken from XYZ Company's accounting records for 2020: Sales revenue ........................................... $630,000 Direct materials purchased .............................. ? Depreciation, factory equipment ......................... 34,000 Prime costs ............................................. 250,000 Utilities (60% for factory; 40% for office building) .... 20,000 Sales commissions ....................................... 29,000 Indirect materials ...................................... 25,000...
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 37,000 50,000 Work in process 38,000 41,000 Finished goods 22,000 34,000 The following information was taken from XYZ Company's accounting records for 2020: Sales revenue ........................................... $630,000 Direct materials purchased .............................. ? Depreciation, factory equipment ......................... 34,000 Prime costs ............................................. 250,000 Utilities (60% for factory; 40% for office building) .... 20,000 Sales commissions ....................................... 29,000 Indirect materials ...................................... 25,000...
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020 December 31, 2020 Direct materials 37,000 50,000 Work in process 38,000 41,000 Finished goods 22,000 34,000 The following information was taken from XYZ Company's accounting records for 2020: Sales revenue ........................................... $630,000 Direct materials purchased .............................. ? Depreciation, factory equipment ......................... 34,000 Prime costs ............................................. 250,000 Utilities (60% for factory; 40% for office building) .... 20,000 Sales commissions ....................................... 29,000 Indirect materials ...................................... 25,000...
Calculate XYZ Company's: A)Cost of Goods Manufactured for 2020 B)Conversion costs for 2020 C)Sales Commission for 2020 XYZ Company recorded the following information related to their inventory accounts for 2020: Direct materials Work in process Finished goods January 1, 2020 50,000 38,000 32,000 December 31, 2020 37,000 41,000 34,000 The following costs were taken from XYZ Company's accounting records for 2020: $129,000 37,000 590,000 30,000 Sales revenue ......................................... : : Direct materials purchased ....... .................. Depreciation, factory equipment ......................... Sales...