MI INI 64121 3. IIndirect materialIndirect laborDepreciation on plant and equipmentUtilitiesOther4. IPredictions: OnExercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1,2-3,2-6)Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.$10.00025.0005Inventory Classification January 1, 20x1Rew material$ 60.000Work in process120,000Finished goods150.000During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows:100.00025.00030.000IN 6.[IF.*.Accessibility: Investigate1910.1 11.1.121 13.1 14. 1Sales 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.December 31, 20x1$70,000115.000165.000-0-15.1Required:L Prepare a schedule of cost of goods manufactured.2. Prepare a schedule of cost of good sold.3. Prepare an income statement.4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if the following data change:direct labor is $390,000 and utilities cos1 §. 5,000.Focus17 118Page 66Editingحار أكثر *Am|

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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 January 1, 20x1 December 31, 20x1 Raw material $60,000 $70,000 Work in process 120,000 115,000 Finished goods 150,000 165,000 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 Utlities Other $ 10,000 25.000 100.000 25.000 30.000 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. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement Page 66

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $60,000 $70,000 Work in process 120,000 115,000 Finished goods 150,000 165,000 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 Utlities Other $ 10,000 25.000 100.000 25.000 30.000 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. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement Page 66

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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