Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventorybalances at the beginning and end of 20x1.Inventory ClassificationRaw materialJanuary 1, 20x1$ 60,000120,000150,000December 31, 20x1$ 70,000115,000165,000Work in processFinished goodsDuring 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.Manufacturing overhead costs were as follows:$ 10,00025,000100,00025,00030,000Indirect materialIndirect laborDepreciation on plant and equipmentUtilitiesOtherSales 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 COMPANYSchedule of Cost of Goods SoldFor the Year Ended December 31, 20x1

Cost of goods sold = Cost of goods available for sale - Ending inventory of finished goods cost of…

Answered: Alexandria Aluminum Company, a…

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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Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods $102,000 $97,500 $117,150 January 1 $128,500 $11,000 19,800 23,100 December 31 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $ 8,800 18,700 18,150
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $45,000 $81,000 $17,655 Raw materials $33,000 Finished Goods $82,500 Work in Process $21,000 During May, $66,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 450 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,800 of direct materials cost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied $44,100 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
Stuart Corporation began fiscal Year 2 with the following balances in its inventory accounts. $ 55,600 Raw Materials Work in Process Finished Goods 82,300 26,300 During the accounting period, Stuart purchased $238,700 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,300 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,900 were sold for $801,000 during the period. Selling and administrative expenses amounted to $70,500. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement.
The Oroport Manufacturing Company produces sporting equipment. The company maintains a single raw materials inventory account for both direct and indirect materials. The following information came from the factory ledger accounts for December: Raw Materials, December 1 $ 45,500 Work in Process, December 1 125,000 Finished Goods, December 1 175,000 Raw materials purchases (during December) 623,000 Direct labor 435,000 Repairs and maintenance 37,200 Indirect materials 16,700 Utilities 63,200 Indirect labor 38,200 Supervisors' salaries 18,300 Raw Materials, December 31 43,600 Work in Process, December 31 135,000 Finished Goods, December 31 150,000 Compute the cost of direct materials used during the month of December.
1. What was the cost of goods sold for the year?
The following data relates to the Atlanta Co.: Direct Materials Inventory, Beginning $650 Direct Materials Inventory, Ending $600 Direct Materials Purchases $4,500 Direct Labor $2,300 Factory Overhead $3,200 Work-in-Process Inventory, Beginning $1,350 Work-in-Process Inventory, Ending $1,440 Finished Goods Inventory, Beginning $2,400 Finished Goods Inventory, Ending $2,350 Sales Revenue $14,500 Selling and Administrative Expenses $2,800 Income Tax Rate 35% Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement
GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
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SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 29,200 Raw materials Work in process Finished goods 21,700 78,900 Additional information for the month of March follows: A Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 26,700. 46,400 68,900 Required 1 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 2 89 SEP Rased on the above information nrenare a cost of goods manufactured report A O O
Crane Company reports the following inventory data for the month of June: Direct materials Work in process Finished goods 1. 2. 3. 4. 5. June 1 $81 190 260 June 30 $120 250 260 Direct materials purchases were $200. Direct costs of production were $240. Variable costs of production were $300. Indirect costs of production were $200. Selling and administrative costs were $240.
The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 x

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