question is in image.Required:Prepare a schedule of cost of goods manufactured.Prepare a schedule of cost of goods sold.Prepare an income statement.Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements.Show how both cost schedules and the income statement will change if the following data change: direct labor is $390,000 and utilities cost $35,000. ■ Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.Inventory ClassificationRaw materialWork in processFinished goodsDuring 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows:Indirect materialIndirect laborDepreciation on plant and equipmentUtilitiesOther$ 10,00025,000100,00025,00030,000January 1, 20x1$ 60,000120,000150.000December 31, 20x1$ 70,000115.000165.000Sales 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.Page 66Required:1. Prepare a schedule of cost of goods manufactured.2. Prepare a schedule of cost of goods sold.3. Prepare an income statement.4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if the following data change:direct labor is $390,000 and utilities cost $35,000.

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Answered: ■ Exercise 2-29 Schedules of Cost of…

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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question is in image.

Required:

Prepare a schedule of cost of goods manufactured.
Prepare a schedule of cost of goods sold.
Prepare an income statement.
Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements.

Show how both cost schedules and the income statement will change if the following data change: direct labor is $390,000 and utilities cost $35,000.

■ Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)
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
During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows:
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
Other
$ 10,000
25,000
100,000
25,000
30,000
January 1, 20x1
$ 60,000
120,000
150.000
December 31, 20x1
$ 70,000
115.000
165.000
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.
Page 66
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare a schedule of cost of goods sold.
3. Prepare an income statement.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if the following data change:
direct labor is $390,000 and utilities cost $35,000.

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