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 December 31, 20x1 $ 70,000 115,000 165,000 Work in process Finished goods 120,000 150,000 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 t $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 January 1, 20x1 $ 60,000 December 31, 20x1 $ 70,000 115,000 165,000 Work in process Finished goods 120,000 150,000 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 t $110,000. The firm's tax rate is 40 percent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Transcribed Image Text:Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
Direct material:
Manufacturing overhead:
Total manufacturing overhead
Total manufacturing costs
$
Subtotal
Cost of goods manufactured
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