50.1K
Verified Solution
Link Copied!
XYZ Company manufactured 100,000 units in 20X5 and reported the following costs: Sandpaper $ 32,000
Leasing costs-plant $ 384,000
Materials handling 320,000
Depreciation-equipment 224,000
Coolants & lubricants 22,400
Property taxes-equipment 32,000
Indirect manufacturing labor 275,200
Fire insurance-equipment 16,000
Direct manufacturing labor 2,176,000
Direct material purchases 3,136,000 Direct materials,
1/1/X5 384,000 Direct materials,
12/31/X5 275,200 Finished goods,
1/1/X5 672,000 Sales revenue 12,800,000
Finished goods, 12/31/X5 1,280,000
Sales commissions 640,000
Work-in-process, 1/1/X5 96,000
Sales salaries 576,000
Work-in-process, 12/31/X5 64,000
Advertising costs 480,000
Administration costs 800,000
a. What is the amount of direct materials used during 20X5?
b. What manufacturing costs were added to WIP during 20X5?
c. What amount of prime costs was added to production during 20X5?
d. What amount of conversion costs was added to production during 20X5?
e. What is cost of goods manufactured for 20X5?
f. What is cost of goods sold for 20X5?
g. What is gross margin (or gross profit) for 20X5? h. What is operating income for 20X5?
Answer & Explanation
Solved by verified expert
