The following account balances are from Woods Corporation accounting records for the year ended December 31, 2008. Required: 1. A schedule for factory/manufacturing overhead costs 2. A schedule of the Cost of goods manufactured 3. Determine the prime cost & conversion costs 4. An Income Statement 5. What is the unit cost of Woods corporation if they produced 20,000 pieces of furniture were produced? 6. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business? Advertising expense $ 85,000 Amortization expense – Patents 16,000 Special Design Cost 10,000 Bad Debts expense 28,000 Depreciation expense – Office equipment 37,000 Depreciation expense – Factory Building 133,000 Depreciation expense – Factory equipment 78,000 Direct Labour 250,000 Factory insurance expired 62,000 Factory supervision 74,000 Factory supplies used 21,000 Factory Utilities 115,000 Finished goods inventory, Jan 1 2008 15,000 Finished goods inventory, Dec 31 2008 12,500 Work in process inventory, Jan 1 2008 8,000 Work in process inventory, Dec 31 2008 9,000 Indirect labour 26,000 Interest expense 25,000 Miscellaneous expense 55,000 Property taxes on factory equipment 14,000 Raw materials inventory, Jan 1 2008 60,000 Raw materials inventory, Dec 31 2008 78,000 Raw materials purchases 313,000 Repairs expense – factory equipment 31,000 Salaries expense 150,000 Sales 1,630,000
The following account balances are from Woods Corporation accounting records for the
year ended December 31, 2008.
Required:
1. A schedule for factory/manufacturing
2. A schedule of the Cost of goods manufactured
3. Determine the prime cost & conversion costs
4. An Income Statement
5. What is the unit cost of Woods corporation if they produced 20,000 pieces of furniture were produced?
6. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business?
Advertising expense $ 85,000
Amortization expense – Patents 16,000
Special Design Cost 10,000
Bad Debts expense 28,000
Depreciation expense – Office equipment 37,000
Depreciation expense – Factory Building 133,000
Depreciation expense – Factory equipment 78,000
Direct Labour 250,000
Factory insurance expired 62,000
Factory supervision 74,000
Factory supplies used 21,000
Factory Utilities 115,000
Finished goods inventory, Jan 1 2008 15,000
Finished goods inventory, Dec 31 2008 12,500
Work in process inventory, Jan 1 2008 8,000
Work in process inventory, Dec 31 2008 9,000
Indirect labour 26,000
Interest expense 25,000
Miscellaneous expense 55,000
Property taxes on factory equipment 14,000
Raw materials inventory, Jan 1 2008 60,000
Raw materials inventory, Dec 31 2008 78,000
Raw materials purchases 313,000
Repairs expense – factory equipment 31,000
Salaries expense 150,000
Sales 1,630,000
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