Reference no: EM131265018
XYZ Company recorded the following information related to their inventory accounts for 2019:
January 1 December 31
Direct materials 30,000 36,000
Work in process ? ?
Finished goods ? ?
XYZ Company's accounting records indicated the following costs had been incurred during 2019:
Advertising ............................................. $37,000
Depreciation, factory building .......................... 60,000
Rent (70% for factory; 30% for office building) ......... ?
Direct labor ............................................ ?
Direct materials purchased .............................. 54,000
Indirect materials ...................................... 24,000
Sales commissions ....................................... ?
Production supervisor's salary .......................... 80,000
Selling & administrative salaries ....................... 95,000
Utilities, factory building ............................. 46,000
Additional information:
1. XYZ Company applies overhead to products using a pre-determined rate of 125% of direct labor cost.
2. Conversion costs for 2019 were equal to 180% of prime costs for 2019.
3. Overhead was $19,000 under-applied for 2019.
Calculate the total cost of rent incurred by XYZ Company in 2019.
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