Ans. | BILLINGS TOOLS & DIE | ||||||
Income Statement | |||||||
For the Year Ended December 31 | |||||||
Sales Revenue | 13,058 | ||||||
Less: Cost of Goods Sold | 8,952 | ||||||
Gross Margin | $ 4,106 | ||||||
Marketing and Administrative Cost | |||||||
Administrative Cost | 1,652 | ||||||
Depreciation | 200 | ||||||
Utilities | 127 | ||||||
Property Taxes | 120 | ||||||
Marketing Cost | 878 | ||||||
Total Marketing and Administrative Cost | 2,977 | ||||||
Operating Profit | $ 1,129 |
BILLINGS TOOLS & DIE | ||||||
Statement of Cost of Goods sold | ||||||
For the Year Ended December 31 | ||||||
Particulars | Amt.($) | Amt.($) | Amt.($) | |||
Work In Progress January, 1 | $ 30 | |||||
Direct Material Used: | ||||||
Beginning Raw Material | 12 | |||||
Raw Material Purchased | 3,610 | |||||
Total Raw Material Available for use | 3,622 | |||||
Less: Ending Raw Material Inventory | 15 | |||||
Total material used | $ 3,607 | |||||
Direct Labor | 835 | |||||
Manufacturing Overheads: | ||||||
Indirect Labor | 920 | |||||
Building Utilities | 1,143 | |||||
Building and Machinery Depreciation | 600 | |||||
Factory Supervision | 494 | |||||
Indirect Material and supplies | 676 | |||||
Property taxes-Factory | 680 | |||||
Total Manufacturing Overheads | $ 4,513 | |||||
Total Manufacturing cost | 8,955 | |||||
Total cost of Work in Progress | 8,985 | |||||
Less: Work In Progress, December 31 | 25 | |||||
Cost of Goods manufactured | $ 8,960 | |||||
Beginning Finished Goods, January 1 | 53 | |||||
Finished Goods inventory available for sale | 9,013 | |||||
Less: Ending Finished Goods, December 31 | 61 | |||||
Cost of Goods Sold | 8,952 |
The administrative offices and manufacturing plant of Billings Tool & Die share the same building The...
The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year: Administrative costs $ 1,651 Building and machine depreciation (75% of this amount is for factory) 1,000 Building utilities (90% of this amount is for factory) 1,330 Direct labor 835 Direct materials inventory, December 31 12 Direct materials inventory, January 1 10 Direct materials purchases 3,690 Factory supervision 491 Finished goods inventory,...
The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in $000s) appears in the accounting records for last year. $ 1,659 900 1,160 855 16 13 3,670 477 Administrative costs Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December...
Westlake, Inc. produces metal fittings for the aerospace industry. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet. Depreciation is assigned based on building use. Indirect labor represents 15 percent of the total manufacturing plant labor. The financial information for the year just ended is shown as follows. . 1. Prepare a cost of goods manufactured and sold statement. There are mistakes in this answer, so I need the full...
L.O. 2. 4) 2-48. Prepare Statements for a Prepare Statements for a Manufacturing Company The administrative offices and manufacturing plant of Oakdale Tool & Die share the same build- ing. The following information (in $000s) appears in the accounting records for last year: $ 4,800 2,700 3,750 2,520 42 Administrative costs ......... Building and machine depreciation (75% of this amount is for factory).. Building utilities (90% of this amount is for factory) Direct labor.... Direct materials inventory, December 31 .....
yolo windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars) Uw ICldus library Problem 2-61 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). $ 82 117 1,620 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory...
$ 87 118 1,650 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory Information for the year: Administrative costs Direct labor Direct materials purchases Factory and machine depreciation Factory supervision Factory utilities Indirect factory labor Indirect materials and supplies Marketing costs Property taxes on factory Sales revenue Information on December 31 (Ending): Direct materials inventory Work-in-process inventory Finished goods inventory $ 3,610 12,050 8,280 11,630 746 943 2,870 681 1,520 293 45,700 $ 91 129 1,430...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $317,850 $394,130 Work in process 572,130 536,020 Finished goods 549,880 547,840 Advertising expense $267,610 Depreciation expense-office equipment 37,840 Depreciation expense-factory equipment 50,840 Direct labor 606,960 Heat, light, and power-factory 20,100 Indirect labor 70,940 Materials purchased 595,140 Office salaries expense 207,710 Property taxes-factory 16,550 Property taxes-headquarters building 34,290 Rent expense-factory 27,980 Sales...
Depreciation expense—administrative office $ 34,450 Depreciation expense—plant and equipment 89,500 Direct labor—wages 514,800 Materials Inventory, Dec. 31 31,250 Materials Inventory, Jan. 1 22,500 Direct materials purchases 172,500 Finished goods inventory, Dec. 31 24,400 Finished goods inventory, Jan. 1 15,700 Heat, light, and power—plant 46,100 Indirect labor 26,400 Property taxes—plant 35,750 Sales representatives’ salaries 148,500 Sales revenue 1,566,000 Factory supervisor’s salary 67,050 Supplies—administrative office 17,400 Supplies—plant 29,700 Work-in-process inventory, Dec. 31 10,400 Work-in-process inventory, Jan. 1 24,750 Can you help me...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $469,710 $587,140 Work in process 845,480 798,510 Finished goods 812,600 816,120 Advertising expense $398,670 Depreciation expense-office equipment 56,370 Depreciation expense-factory equipment 75,740 Direct labor 904,200 Heat, light, and power-factory 29,940 Indirect labor 105,690 Materials purchased 886,580 Office salaries expense 309,420 Property taxes-factory 24,660 Property taxes-headquarters building 51,080 Rent expense-factory 41,690 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $216,380 $270,480 Work in process 389,480 367,850 Finished goods 374,340 375,970 Advertising expense $183,660 Depreciation expense-office equipment 25,970 Depreciation expense-factory equipment 34,890 Direct labor 416,540 Heat, light, and power-factory 13,790 Indirect labor 48,690 Materials purchased 408,420 Office salaries expense 142,540 Property taxes-factory 11,360 Property taxes-headquarters building 23,530 Rent expense-factory 19,200 Sales...