North Pacific Company Used $65,000 of Direct Materials and Incurred

question 266

Essay

North Pacific Company used $65,000 of direct materials and incurred $43,000 of direct labor costs during 2011.Indirect labor amounted to $1,700 while indirect materials used totaled $1,800.Other operating costs pertaining to the factory included utilities of $4,300;maintenance of $6,800;supplies of $1,500;depreciation expense of $8,900;and property taxes of $2,400.There was no beginning or ending finished goods inventory,but work in process inventory began the year with a $6,400 balance and ended the year with a $7,800 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company for the year ended December 31.

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Definitions:

Descriptive Statistics

Descriptive statistics involve summarizing and organizing data so it can be understood and presented in a simpler form, including measures of central tendency and variability.

Statistical Inference

The process of making judgments about the characteristics of a population based on sample data.

Categorical Data

Data that represent characteristics and can be divided into groups or categories that do not involve a numeric value.

Quantitative Data

Numerical data that represent quantities and can be ordered or measured.