Reference no: EM132640069

The following costs & inventory data were taken from the accounts of Gee Company for 2017:
                                      January 1, 2017                   December 31, 2017

Inventories:

Raw materials                   $ 9,000                               $ 6,000

Work in process                   16,000                               14,000

Finished goods                      15,000                                 10,000

Costs incurred during 2017:

Raw materials purchases $87,000

Direct labor 40,000

Factory rent 8,400

Factory utilities 10,100

Indirect materials 4,300

Indirect labor 8,700

Selling & administrative expenses 16,000

Instructions

Problem a. prepare schedule showing the amount of direct materials used in production during the year.

Problem b. Compute the amount of manufacturing overhead incurred during the year.

Problem c. Prepare schedule of Cost of Goods Manufactured for Gee Company for the year ended December 31, 2017 in good form (including the proper heading)

Problem d. Prepare the Cost of Goods Sold section of the Income Statement for Gee Company for the year ended December 31, 2017 in good form