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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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.
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
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Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29,500 $38,000 Finished Goods $79,000 $74,000 Work in Process $17,500 $17,116 During May, $62,500 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 380 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 $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: Multiple Choice $4,296 $5,370 $4,990 $9,666
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