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 $ 50,000 120,000 170,000 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: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 26,000 100,000 26,000 30,000 Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured.
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 $ 50,000 120,000 170,000 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: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 26,000 100,000 26,000 30,000 Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured.
Cornerstones of Financial Accounting
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Chapter6: Cost Of Goods Sold And Inventory
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![O Question 5 - HW 1 (Chapter 2)
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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
Work in process
Finished goods
January 1, 20x1
$ 50,000
120,000
170,000
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:
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
$ 12,000
26,000
100,000
26,000
30,000
Other
Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The
firm's tax rate is 40 percent.
Required:
1. Prepare a schedule of cost of goods manufactured.
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
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Transcribed Image Text:O Question 5 - HW 1 (Chapter 2)
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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
Work in process
Finished goods
January 1, 20x1
$ 50,000
120,000
170,000
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:
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
$ 12,000
26,000
100,000
26,000
30,000
Other
Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The
firm's tax rate is 40 percent.
Required:
1. Prepare a schedule of cost of goods manufactured.
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
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