Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year.
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.
Beginning work in process inventory: $5,500
Direct Materials: $71,000
Direct labor: 37,000
Factory overhead
Indirect labor: $2,700
Indirect materials: 1,600
Utilities: 3,100
Maintenence: 4,500
Supplies: 1,800
Depreciation: 7,900
Property taxes: 2,600 $24,200
Total manufacturing costs incurred: 132,200
Total manufacturing costs: $137,700
Less ending work in process inventory: 7,500
Cost of goods manufactured: $130,200
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