Millworks Company Manufactured 100,000 Units in 2018 and Reported the Following

question 202

Essay

Millworks Company manufactured 100,000 units in 2018 and reported the following costs:
Sandpaper$ 32,000Leasing costs-plant$ 384,000
Materials handling320,000Depreciation-equipment224,000
Coolants & lubricants22,400Property taxes-equipment32,000
Indirect manufacturing labor275,200Fire insurance-equipment16,000
Direct manufacturing labor2,176,000Direct material purchases3,140,000
Direct materials, 1/1/18348,000Direct materials, 12/31/18280,000
Finished goods, 1/1/18672,000Sales revenue12,800,000
Finished goods, 12/31/181,280,000Sales commissions640,000
Work-in-process, 1/1/1896,000Sales salaries576,000
Work-in-process, 12/31/1864,000Advertising costs480,000
Administration costs800,000
Required:
a.What is the amount of direct materials used during 2018?
b.What manufacturing costs were added to WIP during 2018?
c.What is cost of goods manufactured for 2018?
d.What is cost of goods sold for 2018?

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Definitions:

Demographic

Statistical data relating to the population and particular groups within it, used for marketing, policy making, and social studies.

Digital Media

Forms of media content and products that are created and consumed using digital technology, including websites, social media, and online videos.