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Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).            Information on January 1 (Beginning):       Direct materials inventory $ 86   Work-in-process inventory   115   Finished goods inventory   1,630   Information for the year:       Administrative costs $ 3,660   Direct labor   13,000   Direct materials purchases   8,290   Factory and machine depreciation   11,530   Factory supervision   773   Factory utilities   946   Indirect factory labor   2,880   Indirect materials and supplies   687   Marketing costs   1,540   Property taxes on factory   291   Sales revenue   45,600   Information on December 31 (Ending):       Direct materials inventory $ 95   Work-in-process inventory   144   Finished goods inventory   1,500

Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).            Information on January 1 (Beginning):       Direct materials inventory $ 86   Work-in-process inventory   115   Finished goods inventory   1,630   Information for the year:       Administrative costs $ 3,660   Direct labor   13,000   Direct materials purchases   8,290   Factory and machine depreciation   11,530   Factory supervision   773   Factory utilities   946   Indirect factory labor   2,880   Indirect materials and supplies   687   Marketing costs   1,540   Property taxes on factory   291   Sales revenue   45,600   Information on December 31 (Ending):       Direct materials inventory $ 95   Work-in-process inventory   144   Finished goods inventory   1,500

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...
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Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars).
  

       
Information on January 1 (Beginning):      
Direct materials inventory $ 86  
Work-in-process inventory   115  
Finished goods inventory   1,630  
Information for the year:      
Administrative costs $ 3,660  
Direct labor   13,000  
Direct materials purchases   8,290  
Factory and machine depreciation   11,530  
Factory supervision   773  
Factory utilities   946  
Indirect factory labor   2,880  
Indirect materials and supplies   687  
Marketing costs   1,540  
Property taxes on factory   291  
Sales revenue   45,600  
Information on December 31 (Ending):      
Direct materials inventory $ 95  
Work-in-process inventory   144  
Finished goods inventory   1,500  
The document is a financial statement for YOLO WINDOWS, specifically a "Statement of Cost of Goods Sold" for the year ended December 31, expressed in thousands of dollars ($000). **Structure of the Statement:** 1. **Direct Materials Used:** - This section typically includes the cost of raw materials that are directly traceable to the production of a product. 2. **Manufacturing Costs:** - Divided into two sub-categories: Direct Materials and Manufacturing Overhead. **Direct Materials:** - Lists various costs related to the direct materials. - A subtotal is indicated, summing up the direct material costs. **Manufacturing Overhead:** - This section includes various indirect costs associated with manufacturing that cannot be directly traced to specific units of product, such as utilities, rent, and depreciation incurred for production facilities. - A subtotal for total manufacturing overhead costs is provided and shown as zero in the template. 3. **Total Manufacturing Costs:** - This is the sum of direct materials and manufacturing overhead, indicating the total cost associated with manufacturing during the period. 4. **Total Cost of Work in Process During the Year:** - Reflects the cumulative costs of unfinished goods that are still in production at the end of the accounting period. 5. **Costs of Goods Manufactured During the Year:** - Represents the total production costs of goods completed during the year. - Includes a breakdown and total. 6. **Cost of Goods Sold:** - Represents the cost of inventory that was sold to customers during the year. This financial statement template does not include actual figures; it is structured to show where figures would be filled in for a complete analysis of the cost of goods sold by YOLO WINDOWS.
Transcribed Image Text:The document is a financial statement for YOLO WINDOWS, specifically a "Statement of Cost of Goods Sold" for the year ended December 31, expressed in thousands of dollars ($000). **Structure of the Statement:** 1. **Direct Materials Used:** - This section typically includes the cost of raw materials that are directly traceable to the production of a product. 2. **Manufacturing Costs:** - Divided into two sub-categories: Direct Materials and Manufacturing Overhead. **Direct Materials:** - Lists various costs related to the direct materials. - A subtotal is indicated, summing up the direct material costs. **Manufacturing Overhead:** - This section includes various indirect costs associated with manufacturing that cannot be directly traced to specific units of product, such as utilities, rent, and depreciation incurred for production facilities. - A subtotal for total manufacturing overhead costs is provided and shown as zero in the template. 3. **Total Manufacturing Costs:** - This is the sum of direct materials and manufacturing overhead, indicating the total cost associated with manufacturing during the period. 4. **Total Cost of Work in Process During the Year:** - Reflects the cumulative costs of unfinished goods that are still in production at the end of the accounting period. 5. **Costs of Goods Manufactured During the Year:** - Represents the total production costs of goods completed during the year. - Includes a breakdown and total. 6. **Cost of Goods Sold:** - Represents the cost of inventory that was sold to customers during the year. This financial statement template does not include actual figures; it is structured to show where figures would be filled in for a complete analysis of the cost of goods sold by YOLO WINDOWS.
### YOLO WINDOWS #### Income Statement ##### For the Year Ended December 31 ##### ($000) The table is structured to display financial data but currently lacks specific details. Key areas are outlined with arrows pointing to blank cells, indicating areas where monetary values will be filled. - **Main Sections**: Each major category (e.g., revenue, costs) presumably has a designated row but is unspecified. - **Total Marketing and Administrative Costs**: The only specified category with a value, noted as 0. This format suggests a focus on summarizing financial outcomes, ready to accommodate detailed entries for analysis.
Transcribed Image Text:### YOLO WINDOWS #### Income Statement ##### For the Year Ended December 31 ##### ($000) The table is structured to display financial data but currently lacks specific details. Key areas are outlined with arrows pointing to blank cells, indicating areas where monetary values will be filled. - **Main Sections**: Each major category (e.g., revenue, costs) presumably has a designated row but is unspecified. - **Total Marketing and Administrative Costs**: The only specified category with a value, noted as 0. This format suggests a focus on summarizing financial outcomes, ready to accommodate detailed entries for analysis.
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