es Required information [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 $ 60,000 120,000 150,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other $ 10,000 25,000 Direct material: 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. December 31, 20x1 $70,000 115,000 165,000 ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1
es Required information [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 $ 60,000 120,000 150,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other $ 10,000 25,000 Direct material: 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. December 31, 20x1 $70,000 115,000 165,000 ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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
$ 60,000
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:
Depreciation on plant and equipment
Utilities
Other
$ 10,000
25,000
100,000
25,000
30,000
Direct material:
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.
December 31, 20x1
$70,000
115,000
165,000
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee94fed7-a8db-4d1e-96d6-cfcda02b3dc9%2F83aa2047-47ee-4dd8-9225-bda46a0058fe%2Fie3mc7l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Required information
[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
$ 60,000
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:
Depreciation on plant and equipment
Utilities
Other
$ 10,000
25,000
100,000
25,000
30,000
Direct material:
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.
December 31, 20x1
$70,000
115,000
165,000
ALEXANDRIA ALUMINUM COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
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