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 Utilities Other $ 65,000 120,000 160,000 December31,20x1 During 2005, the company purchased $ 250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow: $ 11,000 26,000 Depreciation on plant and equipment 100,000 70,000 115,000 165,000 23,000 30,000 Sales revenue was $ 1,109,000 for the year. Selling and administrative expenses For the year amounted to $ 110,000. The firm's tax rate is 40%. Required: Prepare a schedule of cost goods manufactured. Prepare a schedule of cost of goods sold. Prepare an income statement.

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 Utilities Other $ 65,000 120,000 160,000 December31,20x1 During 2005, the company purchased $ 250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow: $ 11,000 26,000 Depreciation on plant and equipment 100,000 70,000 115,000 165,000 23,000 30,000 Sales revenue was $ 1,109,000 for the year. Selling and administrative expenses For the year amounted to $ 110,000. The firm's tax rate is 40%. Required: Prepare a schedule of cost goods manufactured. Prepare a schedule of cost of goods sold. Prepare an income statement.

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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Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your…
I figured out the materials inventory, but how do I find the WIP and Finished goods inventory?
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