The following calendar-year information is taken from the December 31, 2017, adj

Question

The following calendar-year information is taken from the December 31, 2017, adjusted trial balance and other records of Kodiak Company. 650,750 60,000 8500 Indirect labor 8750 expense Selling equipment10,000Macellaneous production costs 2 Depreciation espense-Factory equipment Factory supervision.. Factory supplies used.. Factory ucilicies 32,500 Office salaries expense 872,500 36.250 Rent expense Selling space... 25,750 79750 Rent expense Factory bulding Raw materials, December 31,2012 177500 Ma 168,125 Sales 15,875 3275,000 57.500 286.250 Goods in process, December 31,2012 Sales discounts Sales salaries expense 4,000 64,375 129,000 Required 1. Each team member is to be responsible for computing one of the following amounts. You are not to duplicate your teammates' work. Get any necessary amounts from teammates. a. Materials used b. Factory overhead. c. Total manufacturing costs. d. Total cost of goods in process. e. Cost of goods manufactured. h team member is to be responsible for computing one of the following 2. Eac amounts. You are not to duplicate your teammates' work. Get any necessary amounts

Explanation / Answer

Answer 1-a Answer 2-a Material Used Net sales Raw materials , December 31,2012 $177,500.00 Sales $3,275,000.00 Add : Raw Material Purchases $872,500.00 Less : Sales Discounts $57,500.00 Less : Raw Materials , December 31,2013 $168,125.00 Net Sales $3,217,500.00 Material Used $881,875.00 Answer 1-b Answer 2-b Factory Overhead Cost of goods sold Depreciation Expense - Factory Equipment $32,500.00 Cost of goods manufactured $1,917,625.00 Factory supervision $122,500.00 Add : Finished Goods , December 31,2012 $164,375.00 Factory Supplies used $15,750.00 Less : Finished Goods , December 31,2013 $129,000.00 Factory Utilities $36,250.00 Cost of goods sold $1,953,000.00 Indirect Labour $60,000.00 Mise.production cost $8,500.00 Answer 2-c Rent Expense - Factory Building $79,750.00 Gross Profit Maintenance Expense - Factory equipment $27,875.00 Net Sales $3,217,500.00 Factory Overheads $383,125.00 Less : Cost of goods sold $1,953,000.00 Gross Profit $1,264,500.00 Answer 1-c Total Manufacturing Cost Material Used $881,875.00 Answer 2-d Direct Labour $650,750.00 Total Operating Expenses Factory Overhead $383,125.00 Advertising Expenses $19,125.00 Total Manufacturing Cost $1,915,750.00 Depreciation Expense - Office equipment $8,750.00 Depreciation Expense - Selling equipment $10,000.00 Answer 1-d Office salaries expense $100,875.00 Total cost of goods in process Rent expense - Office space $21,125.00 Total Manufacturing Cost $1,915,750.00 Rent expense - Selling space $25,750.00 Add : Goods in process,December 31,2012 $15,875.00 Sales salaries Expense $286,250.00 Total cost of goods in process $1,931,625.00 Total Operating Expenses $471,875.00 Answer 1-e Cost of goods Manufactured Total cost of goods in process $1,931,625.00 Less : Goods in process,December 31,2013 $14,000.00 Cost of goods Manufactured $1,917,625.00

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