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### Flaxman Manufacturing Company: Cost of Goods Manufactured and Sold for April #### Overview The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. #### Inventory Balances (Starting and Ending) - **April 1 (Beginning Inventory):** - Raw Materials: $120,000 - Work in process: $100,000 - Finished Goods: $76,000 - **April 30 (Ending Inventory):** - Raw Materials: $60,000 - Work in process: $145,000 - Finished Goods: $80,000 #### Transactions During April - **Costs of raw materials purchased:** $120,000 - **Costs of direct labor:** $100,000 - **Costs of manufacturing overhead:** $80,000 - **Sales revenues:** $380,000 #### Requirements 1. **Prepare a schedule of cost of goods manufactured and sold.** 2. **Calculate the amount of gross margin on the income statement.** #### Schedule of Cost of Goods Manufactured and Sold **FLAXMAN MANUFACTURING COMPANY** _Schedule of Cost of Goods Manufactured and Sold For April_ 1. **Raw materials available for use**: - [To be calculated as Beginning Raw Materials + Purchases] 2. **Direct raw materials used**: - [Raw materials available for use - Ending Raw Materials] 3. **Total manufacturing costs**: - [Direct Raw Materials Used + Direct Labor + Manufacturing Overhead] 4. **Total work in process**: - [Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process] #### Example Calculation Outline - **Raw Materials Available for Use:** - Beginning Raw Materials: $120,000 - (+) Purchases: $120,000 - (=) Raw Materials Available for Use: $240,000 - **Direct Raw Materials Used:** - Raw Materials Available: $240,000 - (-) Ending Raw Materials: $60,000 - (=) Direct Raw Materials Used: $180,000 - **Total Manufacturing Costs:** - Direct Raw Materials Used: $180,000 - (+) Direct Labor: $100,000 - (+) Manufacturing Overhead: $80,000 - (=) Total Manufacturing Costs: $360,000

### Flaxman Manufacturing Company: Cost of Goods Manufactured and Sold for April #### Overview The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. #### Inventory Balances (Starting and Ending) - **April 1 (Beginning Inventory):** - Raw Materials: $120,000 - Work in process: $100,000 - Finished Goods: $76,000 - **April 30 (Ending Inventory):** - Raw Materials: $60,000 - Work in process: $145,000 - Finished Goods: $80,000 #### Transactions During April - **Costs of raw materials purchased:** $120,000 - **Costs of direct labor:** $100,000 - **Costs of manufacturing overhead:** $80,000 - **Sales revenues:** $380,000 #### Requirements 1. **Prepare a schedule of cost of goods manufactured and sold.** 2. **Calculate the amount of gross margin on the income statement.** #### Schedule of Cost of Goods Manufactured and Sold **FLAXMAN MANUFACTURING COMPANY** _Schedule of Cost of Goods Manufactured and Sold For April_ 1. **Raw materials available for use**: - [To be calculated as Beginning Raw Materials + Purchases] 2. **Direct raw materials used**: - [Raw materials available for use - Ending Raw Materials] 3. **Total manufacturing costs**: - [Direct Raw Materials Used + Direct Labor + Manufacturing Overhead] 4. **Total work in process**: - [Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process] #### Example Calculation Outline - **Raw Materials Available for Use:** - Beginning Raw Materials: $120,000 - (+) Purchases: $120,000 - (=) Raw Materials Available for Use: $240,000 - **Direct Raw Materials Used:** - Raw Materials Available: $240,000 - (-) Ending Raw Materials: $60,000 - (=) Direct Raw Materials Used: $180,000 - **Total Manufacturing Costs:** - Direct Raw Materials Used: $180,000 - (+) Direct Labor: $100,000 - (+) Manufacturing Overhead: $80,000 - (=) Total Manufacturing Costs: $360,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Flaxman Manufacturing Company: Cost of Goods Manufactured and Sold for April #### Overview The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. #### Inventory Balances (Starting and Ending) - **April 1 (Beginning Inventory):** - Raw Materials: $120,000 - Work in process: $100,000 - Finished Goods: $76,000 - **April 30 (Ending Inventory):** - Raw Materials: $60,000 - Work in process: $145,000 - Finished Goods: $80,000 #### Transactions During April - **Costs of raw materials purchased:** $120,000 - **Costs of direct labor:** $100,000 - **Costs of manufacturing overhead:** $80,000 - **Sales revenues:** $380,000 #### Requirements 1. **Prepare a schedule of cost of goods manufactured and sold.** 2. **Calculate the amount of gross margin on the income statement.** #### Schedule of Cost of Goods Manufactured and Sold **FLAXMAN MANUFACTURING COMPANY** _Schedule of Cost of Goods Manufactured and Sold For April_ 1. **Raw materials available for use**: - [To be calculated as Beginning Raw Materials + Purchases] 2. **Direct raw materials used**: - [Raw materials available for use - Ending Raw Materials] 3. **Total manufacturing costs**: - [Direct Raw Materials Used + Direct Labor + Manufacturing Overhead] 4. **Total work in process**: - [Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process] #### Example Calculation Outline - **Raw Materials Available for Use:** - Beginning Raw Materials: $120,000 - (+) Purchases: $120,000 - (=) Raw Materials Available for Use: $240,000 - **Direct Raw Materials Used:** - Raw Materials Available: $240,000 - (-) Ending Raw Materials: $60,000 - (=) Direct Raw Materials Used: $180,000 - **Total Manufacturing Costs:** - Direct Raw Materials Used: $180,000 - (+) Direct Labor: $100,000 - (+) Manufacturing Overhead: $80,000 - (=) Total Manufacturing Costs: $360,000
Transcribed Image Text:### Flaxman Manufacturing Company: Cost of Goods Manufactured and Sold for April #### Overview The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. #### Inventory Balances (Starting and Ending) - **April 1 (Beginning Inventory):** - Raw Materials: $120,000 - Work in process: $100,000 - Finished Goods: $76,000 - **April 30 (Ending Inventory):** - Raw Materials: $60,000 - Work in process: $145,000 - Finished Goods: $80,000 #### Transactions During April - **Costs of raw materials purchased:** $120,000 - **Costs of direct labor:** $100,000 - **Costs of manufacturing overhead:** $80,000 - **Sales revenues:** $380,000 #### Requirements 1. **Prepare a schedule of cost of goods manufactured and sold.** 2. **Calculate the amount of gross margin on the income statement.** #### Schedule of Cost of Goods Manufactured and Sold **FLAXMAN MANUFACTURING COMPANY** _Schedule of Cost of Goods Manufactured and Sold For April_ 1. **Raw materials available for use**: - [To be calculated as Beginning Raw Materials + Purchases] 2. **Direct raw materials used**: - [Raw materials available for use - Ending Raw Materials] 3. **Total manufacturing costs**: - [Direct Raw Materials Used + Direct Labor + Manufacturing Overhead] 4. **Total work in process**: - [Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process] #### Example Calculation Outline - **Raw Materials Available for Use:** - Beginning Raw Materials: $120,000 - (+) Purchases: $120,000 - (=) Raw Materials Available for Use: $240,000 - **Direct Raw Materials Used:** - Raw Materials Available: $240,000 - (-) Ending Raw Materials: $60,000 - (=) Direct Raw Materials Used: $180,000 - **Total Manufacturing Costs:** - Direct Raw Materials Used: $180,000 - (+) Direct Labor: $100,000 - (+) Manufacturing Overhead: $80,000 - (=) Total Manufacturing Costs: $360,000
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