Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. Prepare a statement of cost of goods manufactured. Allen Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Allen Company Statement of Cost of Goods ManufacturedFor the Year Ended December 31
Prepare a statement of cost of goods manufactured.
Allen Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Beginning work in process inventory
Direct materials
Direct labor
Factory overhead
Indirect labor
Indirect materials
Total manufacturing costs incurred
Total manufacturing costs
Cost of goods manufactured

$130,200

Explanation:

                                  Allen Company

                Statement of cost of goods manufactured

                          For year ended December 31

Opening work in progress inventory                       5,500

Direct Materials                                         71,000

Direct Labour                                             37,000

Factory Overhead

Indirect Labour                     2,700

Indirect Materials                 1,600

Utilities                                  3,100

Maintenance                         4,500

Supplies                                1,800

Depreciation                         7,900  

Property Tax                         2,600             24,200

Total manufacturing cost incurred                            132,200

Total manufacturing cost                                            137,700

Less: Closing work in progress inventory                    7,500

Cost of goods manufactured                                    $130,200

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20

answer; the nav calculated at the market close at 4: 00 pm new york time;