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Classifying Costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this...

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Accounting

Classifying Costs

The following is a manufacturing cost report of Marching AntsInc. Evaluate and correct this report.

Marching Ants Inc.
Manufacturing Costs
For the Quarter Ended June 30
Materials used in production (including
$73,400 of indirect materials)$792,800
Direct labor (including $110,100 maintenancesalaries)734,100
Factory overhead:
Supervisor salaries—plant675,400
Heat, light, and power—plant183,500
Sales salaries455,100
Promotional expenses411,100
Insurance and property taxes—plant198,200
Insurance and property taxes—corporate offices286,300
Depreciation—plant and equipment161,500
Depreciation—corporate offices117,500
Total$4,015,500
Marching Ants Inc.
Manufacturing Costs
For the Quarter Ended June 30
Cost of direct materials used in production$
Direct labor
Factory overhead:
Maintenance salaries$
Indirect materials
Supervisor salaries-plant
Heat, light, and power-plant
Insurance and property taxes-plant
Depreciation-plant and equipment
Total factory overhead
Total manufacturing costs$

Answer & Explanation Solved by verified expert
3.8 Ratings (561 Votes)

Marching Ants Inc.
Manufacturing Costs
For the Quarter Ended June 30
Direct material used in production ($792,800-73,400) $         719,400
Direct labor cost ($734,100-110,100) $         624,000
Factory overhead:
Indirect materials $        73,400
Maintenance salary $      110,100
Supervisor salaries—plant $      675,400
Heat, light, and power—plant $      183,500
Insurance and property taxes—plant $      198,200
Depreciation—plant and equipment $      161,500
Total factory overhead $      1,402,100
Total manufacturing costs $      2,745,500

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