FY16 Factory Rent $330,000 Direct Materials Inventory, Beginning 96,000 Direct Materials Inventory, Ending 87,000 Direct...
| FY16 | ||||||
| Factory Rent | $330,000 | |||||
| Direct Materials Inventory, Beginning | 96,000 | |||||
| Direct Materials Inventory, Ending | 87,000 | |||||
| Direct Materials Purchases | 654,000 | |||||
| Direct Labor-Wages | 425,000 | |||||
| Indirect Labor-Wages | 28,000 | |||||
| Finished Goods Inventory, Beginning | 25,000 | |||||
| Finished Goods Inventory, Ending | 44,000 | |||||
| Indirect Materials | 66,000 | |||||
| Plant Utilities | 40,000 | |||||
| General and Administrative | 101,350 | |||||
| Work-in-Process Inventory, Beginning | 27,000 | |||||
| Work-in-Process Inventory, Ending | 33,000 | |||||
| Marketing Expenses | 225,000 | |||||
| Sales Revenue | 2,550,000 | |||||
| A. Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2016. | ||||||
| B. For FY2016, calculate gross margin %. What is Jamison Tools largest expense as a % of revenue? | ||||||
| C. Interpret the results of the financial statements | ||||||
Homework Answers
A.
|
Jamison Tools |
||
|
Statement of Cost of Goods Manufactured For the for the year ended December 31,2016 |
||
|
Opening Inventory of Direct Material |
96000 |
|
|
Add: Purchases of Direct Materials |
654000 |
|
|
Less: Closing Inventory of Direct Material |
(87000) |
663000 |
|
Direct Labour-Wages |
425000 |
|
|
Prime Cost |
1,088,000 |
|
|
Add: Factory Overhead Cost |
4,64,000 |
|
|
Total Factory Cost |
1,552,000 |
|
|
Add: Opening work-in-process |
27,000 |
|
|
Less:Closing work-in-process |
(33000) |
|
|
Cost of Goods Manufactured |
1,546,000 |
|
Working note:Calculation of factory overheads:
Factory rent $ 330000
Indirect labour $ 28000
Indirect material $66000
Plant utilities $ 40000
TOTAL $464000
|
Jamison Tools |
||
|
Income statement for the year ended December 31,2016 |
||
|
Sales Revenue |
2,550,000 |
|
|
Cost of Goods Sold |
||
|
Cost of Goods Manufactured |
1,546,000 |
|
|
Add: Opening Finished Goods Inventory |
25,000 |
|
|
Goods Available for sale |
1,571,000 |
|
|
Less: Closing Finished Goods Inventory |
44,000 |
|
|
Gross Margin |
1,527,000 |
|
|
Less: Administrative Overheads |
(101350) |
|
|
Less: Marketing Expenses |
(225000) |
|
|
Income Before Taxes |
1,200,650 |
|
B. Gross Margin Percentage=(1,527,000*100)/ 2,550,000=59.8823%
Largest Expense as a percentage of Revenue=Expense of Direct Material
=654000*100/2550000=25.647 %
Calculation of factory overheads:
Factory rent $ 330000
Indirect labour $ 28000
Indirect material $66000
Plant utilities $ 40000
TOTAL $464000
Add Answer to:
FY16
Factory
Rent
$330,000
Direct
Materials Inventory, Beginning
96,000
Direct
Materials Inventory, Ending
87,000
Direct...
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Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory...
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