Preview File Edit View Go Tools Window Help 64% T- Mon 8:25 PM a E a Exam 1 Prac

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Preview File Edit View Go Tools Window Help 64% T- Mon 8:25 PM a E a Exam 1 Practice Problems (page 4 of 6) Q Search Google Search Chapter 15: Information for Little Foot Co. as of December 31, 2017 is as follows January 1 December 31 Raw Materials Invento Work in Process Inventor 6,500 S 4,900 $ 4,800 3,650 Administrative salaries expense Depreciation expense factory equipment Direct labor costs Factory supplies expense Factory insurance expense Factory utilities expense Factory maintenance expense Factory rent expense Indirect labor Raw material purchases $80,000 18,000 70,000 7,800 13,250 15,500 7,250 18,950 6,800 112,500 Calculate cost of goods manufactured for Little Foot Co. as of December 31, 2017 (Show all steps for partial credit and clearly indicate final answer with circle or box. Note that there is a blank form on the following page for your optional use.)

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Little Foot Company Statement of cost of goods manufactured As of December 31, 2017 Particulars Amount Beginning Direct material inventory $6,500.00 Add: Raw material purchases $112,500.00 Less: Ending raw material inventory $4,800.00 Direct material consumed $114,200.00 Direct labor $70,000.00 Manufacturing overhead: Depreciation Expense - factory equipment $18,000.00 Factory supplies expense $7,800.00 Factory insurance expense $13,250.00 Factory utilities expense $15,500.00 Factory maintenance expense $7,250.00 Factory rent expense $18,950.00 Indirect labor $6,800.00 Total manufacturing overhead $87,550.00 Total manufacturing cost incurred during the period $271,750.00 Add: Beginning Work In Process Inventory $4,900.00 Less: Ending work in process inventory $3,650.00 Cost of goods manufactured $273,000.00

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