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 3. Prepare an income statement. December 31, 20x1 $70,000 115,000 165,000 $ 10,000 25,000 100,000 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. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 S www Next

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 3. Prepare an income statement. December 31, 20x1 $70,000 115,000 165,000 $ 10,000 25,000 100,000 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. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 S www Next

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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GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
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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 January 1, 20x1 $ 50,000 120,000 170, 000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 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 24 12,000 26,000 100,000 26, 000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 7. of 9 Next > < Prev 6.
Crane Company reports the following inventory data for the month of June: Direct materials Work in process Finished goods 1. 2. 3. 4. 5. June 1 $81 190 260 June 30 $120 250 260 Direct materials purchases were $200. Direct costs of production were $240. Variable costs of production were $300. Indirect costs of production were $200. Selling and administrative costs were $240.
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.
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: Inventory accounts: Materials Work in Process Finished Goods Inventory Account: Materials Inventory Direct Labor The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Manufacturing Overhead Work in Process Inventory Finished Goods Inventory End of Year $ 126,000 109,000 325,000 Beginning of Year $ 222,000 75,000 238,000 Required A Required B Debit Entries $ 2,410,000 1,189,000 893,600 ? ? Credit Entries Required: a. Using these data, compute direct materials purchased, direct materials used, payments of direct labor payrolls, direct labor cost assigned to production, total manufacturing costs charged to the work in process inventory account during the year, the cost of finished goods manufactured, cost of goods sold, the total amount to be classified as…
Adelphia Manufacturing issued $70,000 of direct materials and $9,000 of indirect materials for production. Which of the following journal entries would correctly record the transaction? O A. Work-in- Process Inventory Raw Materials Inventory B. Manufacturing Overhead Raw Materials Inventory OC. Work-in - Process Inventory Manufacturing Overhead Raw Materials Inventory D. Raw Materials Inventory Finished Goods Inventory Work-in - Process Inventory 79,000 79,000 70,000 9,000 79,000 79,000 79,000 79,000 70,000 9,000
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
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Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 3. Compute the company's cost of goods sold. $ Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.