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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 Indirect material Indirect labor January 1, 20x1 $ 55,000 120,000 170,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other December 31, 20x1 $70,000 115,000 165,000 $ 11,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 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. EX 2-29 (Algo) Part 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 Indirect material Indirect labor January 1, 20x1 $ 55,000 120,000 170,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other December 31, 20x1 $70,000 115,000 165,000 $ 11,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 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. EX 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter6: Activity-based, Variable, And Absorption Costing
Section: Chapter Questions
Problem 18MC: A downside to absorption casting is: not including fixed manufacturing overhead in the cost of the...
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3 < ces ! Required information EX 2-29 (Algo) Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] 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 Indirect material Indirect labor January 1, 20x1 Depreciation on plant and equipment Utilities Other $ 55,000 120,000 170,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: December 31, 20x1 $ 70,000 115,000 165,000 $ 11,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 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. EX 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.
Transcribed Image Text:3 < ces ! Required information EX 2-29 (Algo) Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] 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 Indirect material Indirect labor January 1, 20x1 Depreciation on plant and equipment Utilities Other $ 55,000 120,000 170,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: December 31, 20x1 $ 70,000 115,000 165,000 $ 11,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 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. EX 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.
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