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 $ 65,000 120,000 150,000 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 December 31, 20x1 $70,000 115,000 165,000 $ 8,000 27,000 100,000 27,000 30,000 Sales revenue was $1,106,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. equired: Prepare a schedule of cost of goods manufactured. X 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.

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 $ 65,000 120,000 150,000 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 December 31, 20x1 $70,000 115,000 165,000 $ 8,000 27,000 100,000 27,000 30,000 Sales revenue was $1,106,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. equired: Prepare a schedule of cost of goods manufactured. X 2-29 (Algo) Part 1: Prepare a schedule of cost of goods manufactured.

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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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $41,650 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. C. C. 1. S $19,660 332,750 (0) 23,500 (b) (e) 1,075,000 1515,770 $1,240,000 54,000 ( (d) $1,068,000
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Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
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The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,200 $18,900 (e) Total manufacturing costs incurred during August 15,200 (c) 111,200 Total manufacturing costs (a) $221,100 $120,700 Work in process inventory, August 31 3,300 46,400 (f) Cost of goods manufactured (b) (d) $101,400 a. b. c. d. e. f.
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