Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 $10,000 41,000 28,000 104,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation • • $59,000 6,000 120,000 16,000 26,000 The sales price is determined by adding a 40% mark-up to the cost of inventory. For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.

Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 $10,000 41,000 28,000 104,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation • • $59,000 6,000 120,000 16,000 26,000 The sales price is determined by adding a 40% mark-up to the cost of inventory. For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.

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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