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Financial Accounting Report

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This company makes a single product.
The following information has been taken from the company's production, sales, and cost records for the month.

Production in units 32,000
Sales in units ??
Beginning Finished Goods in Units 0
Ending Finished goods in units ??
Total Sales in dollars $924,000
Unit selling price $30
Beginning of the month End of the month
Inventories:
Raw Materials $12,000 $10,000
Work in process $30,000 $40,640
Finished goods $0 ??
Costs:
Direct labor $86,000
Advertising $100,000
Indirect production labor $18,000
Raw materials purchased $140,000
"Building rent(production uses 80%
of the space, administrative and sales
offices us the rest)" $50,000
Utilities, Factory $34,000
"Royalty paid for use of production patent, $2.50 per
unit produced" ??
Maintenance, factory $12,000
"Rent for special production equipment,
$4,000 per month plus $.20 per unit produced" ??
Selling and administrative Salaries $80,000
Utilities, selling and administrative $15,000
Part time janitor in the factory $10,000

Requirement #1: Using the scenario above fill in the chart below with the applicable information.
A cost item can affect multiple areas. You are making your calculations based on this month's production and sales.
Total each of the columns after you have assigned all the costs to the applicable column(s)
I have entered the Direct labor to help get you started. Also, the selling and admin. Costs have been combined into one column.
Product costs Period Cost
Cost item Direct Materials "Direct
Labor" "Manufacturing
overhead" "Prime
costs" "Conversion
Costs" "Selling and Administrative
Expenses"
Direct labor $86,000 $86,000 $86,000
Advertising
Indirect production labor
Raw materials used
"Building rent(production uses 80%
of the space, administrative and sales
offices us the rest)"
Utilities, Factory
"Royalty paid for use of production patent, $2.50 per
unit produced"
Maintenance, factory
"Rent for special production equipment,
$4,000 per month plus $.20 per unit produced"
Selling and administrative Salaries
Utilities, selling and administrative
Part time janitor in the factory
Totals

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The expert completes the financial accounting report for a company who makes a single report.

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