Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 150,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 10,000 25,000 100,000 25,000 30,000 Indirect material Indirect labor Depreciation on plant and equipment Utilities Other Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 150,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 10,000 25,000 100,000 25,000 30,000 Indirect material Indirect labor Depreciation on plant and equipment Utilities Other Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...
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![Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory
balances at the beginning and end of 20x1.
Inventory Classification
Raw material
January 1, 20x1
$ 60,000
120,000
150,000
December 31, 20x1
$ 70,000
115,000
165,000
Work in process
Finished goods
During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.
Manufacturing overhead costs were as follows:
$ 10,000
25,000
100,000
25,000
30,000
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
Other
Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to
$110,000. The firm's tax rate is 40 percent.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b99ac81-bb2a-468c-9eb7-1d354d09e9d5%2F00f1f080-a22a-47a2-900e-2a2a8638e7b8%2Fx3juqyl_processed.png&w=3840&q=75)
Transcribed Image Text:Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory
balances at the beginning and end of 20x1.
Inventory Classification
Raw material
January 1, 20x1
$ 60,000
120,000
150,000
December 31, 20x1
$ 70,000
115,000
165,000
Work in process
Finished goods
During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.
Manufacturing overhead costs were as follows:
$ 10,000
25,000
100,000
25,000
30,000
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
Other
Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to
$110,000. The firm's tax rate is 40 percent.
![2. Prepare a schedule of cost of goods sold.
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20x1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4b99ac81-bb2a-468c-9eb7-1d354d09e9d5%2F00f1f080-a22a-47a2-900e-2a2a8638e7b8%2F6kuf6yj_processed.png&w=3840&q=75)
Transcribed Image Text:2. Prepare a schedule of cost of goods sold.
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20x1
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