Problem - The following information for the jimmy dean T-Shirt Company, as of December 31, 20XX, is provided.
Administrative salaries $24,000
Depreciation - factory equipment 18,750
Depreciation - delivery vehicles 6,000
Direct labor 51,000
Factory supplies used 9,000
Finished goods inventory on January 1 42,750
Finished goods inventory on December 31 52,000
Factory insurance 11,625
Factory maintenance 5,625
Factory utilities 10,500
Interest expense 10,000
Raw material inventory on January 1 7,000
Raw material inventory on December 31 3,500
Raw material purchases for the year 94,000
Rent on factory equipment 18,750
Repairs on factory equipment 8,600
Sales commissions 28,150
Goods in process inventory on January 1 4,000
Goods in process inventory on December 31 2,500
Required -
Calculate the direct material used during the year.
Calculate the total manufacturing costs incurred during the year.
Calculate the Cost of Goods Manufactured during the year.
Calculate the Cost of Goods Sold during the year.