Reference no: EM131879700
Question - ABC Company applies overhead to products using a pre-determined rate of 125% of direct labor cost. ABC Company's accounting records for 2019 indicated the following costs had been incurred:
Direct materials purchased ................... $122,000
Depreciation, factory equipment .............. 33,000
Direct labor ................................. ?
Utilities..................................... ?
Sales commissions............................. 52,000
Indirect materials............................ 11,000
Depreciation, office equipment ............... ?
Production supervisor's salary ............... 57,000
Advertising................................... 66,000
60% of the utilities relate to the factory while 40% of the utilities relate to the general office building.
ABC Company's inventory accounts had the following balances during 2019:
January 1, 2019 December 31, 2019
Direct materials 50,000 36,000
Work in process 22,000 41,000
Finished goods 38,000 35,000
For 2019, ABC Company reported sales revenue of $527,000; an unadjusted cost of goods sold of $331,500; an adjusted cost of goods sold of $328,200; and net income of $45,000
Calculate ABC Company's utilities cost for 2019.
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