Yamishi Production Had the Following Inventories for the First Quarter

question 151

Essay

Yamishi Production had the following inventories for the first quarter of 2014:
Purchases of materials during the quarter were $427,800.Total direct labor costs were incurred in the amount of $1,482,000.Actual overhead costs were incurred as follows: operating supplies used,$17,100;janitorial and maintenance,$87,300;employee benefits,$26,400;utilities,$162,000;depreciation of factory,$43,200;property taxes,$24,000;factory insurance,$29,000.Net sales for the quarter were $3,562,200.Selling and administrative expenses were $508,000.Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 2014.

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Definitions:

Immigrants

Individuals who move from one country to another, typically for permanent residency or employment.

Unions

Organizations formed by workers to advocate for their rights, wages, and working conditions through collective bargaining and negotiations.

Collective Bargaining

Negotiation between employers and a group of employees aimed at establishing agreements regarding working conditions and other employment issues.

Robber Barons

A term used historically to describe unscrupulous industrialists and financiers in the 19th century who amassed immense wealth through exploitative practices.