Homework Answers
![Ans 1 Schedule of Cost of Goods Manufactured Ans 2 Schedule of Cost of Goods Sold Particulars Direct Material Used Beginning Raw Material Add: Cost of Raw Material Purchased Total Raw Material Available Less: Ending Raw Material Total Raw Material Used Direct Labor Manufacturing Overhead Indirect Material Indirect Labor Depreciation on plant and equipment Electricity Others Total Manufacturing Overhead Total Manufacturing Cost Add: Beginning Work-In-Progress Inventory Particulars Cost Of Goods Manufactured Add: Beginning Finished Inventory Total Inventory available for sale Less: Ending Finished Invento Cost of Goods Sold Amount Amount Amount Amount $1,670,000 $300,000 $1,970,000 120,000 $500,000 $620,000 ($140,000 $1,640,000 $480,000 $800,000 Ans 3 Adelaide Aluminium Income Statement for the year ended 31st December $20,000 50,000 $200,000 $50,000 $60,000 Particulars Sales Revenue Less: Cost of Good Sold Gross Profit Less: Selling and Administrative Expenses Net Income Before Tax Less: Tax @ 40% [$350000 x 4096] Net Income Amount $2,210,000 ($1,640,000 $570,000 ($220,000) $350,000 ($140,000) $210,000 $380,000 $1,660,000 $240,000 1,900,000 S230.000 $1,670,000 Less: Ending Work-In-Progress Invento Cost Of Goods Manufactured](http://img.homeworklib.com/questions/9de95c30-71e4-11ea-a988-a3b1d315c498.png?x-oss-process=image/resize,w_560)
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Schedules of cost of goods manufactured and sold; income E2.30 Adelaide Aluminium Company, a manufacturer of...
2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Cioods Sold ILO1....
2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Cioods Sold ILO1. LO3, LO41 Limited provided the following information for the year ended December 31: Costs incurred Marketing expense.... Direct labour cost Raw material purchases Rent, manufacturing Indirect labour 270000 building.. 396000 . 240000 05000 27000 T2000 2100 Utilities, manufacturing.... Supplies, manufacturing. 120000 Beginning End of earof Year aw materials Work in process. inished goods. 15000 210,000 60.000 5000 1. Prepare a schedule of cost of...
Schedule of cost of goods manufactured and sold; income statement: manufacturer Matilda Surt Gear, a manufacturer...
Schedule of cost of goods manufactured and sold; income statement: manufacturer Matilda Surt Gear, a manufacturer of sports and beach wear, had the following inventory balances at the beginning and end of the year. 1 Determine the missing amount in each of the independent cases Jo Inventory classification Raw material Work in process Finished goods 1 January 55000 110000 160000 31 December $ 75000 125000 155000 ear the company purchas $240000o raw material and spekt $420 000f During the year,...
Required information Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold Income Statement (LO 2-1,...
Required information Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold Income Statement (LO 2-1, 2-3, 2-6) [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 $ 65, 000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $240,000 of raw...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1,...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.j Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 December 31 20x1 $ 70,000 Inventory January 1, 20x1 Classification Raw material Work in process 60,000 20,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $240,000 of raw material and...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1,...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory Raw material Work in process Finished goods January 1, 20x1 60,000 120,000 140,000 December 31, 20x1 70,000 115,000 165,000 Classification During 20x1, the company purchased $240,000 of raw material and spent...
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [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 January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 150,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent...
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold;
Income Statement (LO 2-1, 2-3, 2-6)
[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
January 1, 20x1
December 31, 20x1
Raw material
$
55,000
$
70,000
Work in process
120,000
115,000
Finished goods
150,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent...
prepare schedules of cost of goods manufactured and cost of goods sold and an income statement...
prepare schedules of cost of goods manufactured and cost of
goods sold and an income statement
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 217.000 266,000 Selling expenses Purchases of raw materials Direet labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 157.000 365.000 $ 354.000 Inventory balances at the beginning and end of the year were as follows: Ray Baterials...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3)...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 659,000 $ 86,000 $ 132,000 $ 104,000 $ 43,000 $207,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,100...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 210,000 $ 265,000 ? $ 159,000 $ 372,000 $ 353,000 Inventory balances at the beginning and end of the year...
2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Cioods Sold ILO1. LO3, LO41 Limited provided the following information for the year ended December 31: Costs incurred Marketing expense.... Direct labour cost Raw material purchases Rent, manufacturing Indirect labour 270000 building.. 396000 . 240000 05000 27000 T2000 2100 Utilities, manufacturing.... Supplies, manufacturing. 120000 Beginning End of earof Year aw materials Work in process. inished goods. 15000 210,000 60.000 5000 1. Prepare a schedule of cost of...
Schedule of cost of goods manufactured and sold; income statement: manufacturer Matilda Surt Gear, a manufacturer of sports and beach wear, had the following inventory balances at the beginning and end of the year. 1 Determine the missing amount in each of the independent cases Jo Inventory classification Raw material Work in process Finished goods 1 January 55000 110000 160000 31 December $ 75000 125000 155000 ear the company purchas $240000o raw material and spekt $420 000f During the year,...
Required information Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold Income Statement (LO 2-1, 2-3, 2-6) [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 $ 65, 000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $240,000 of raw...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.j Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 December 31 20x1 $ 70,000 Inventory January 1, 20x1 Classification Raw material Work in process 60,000 20,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $240,000 of raw material and...
Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory Raw material Work in process Finished goods January 1, 20x1 60,000 120,000 140,000 December 31, 20x1 70,000 115,000 165,000 Classification During 20x1, the company purchased $240,000 of raw material and spent...
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold;
Income Statement (LO 2-1, 2-3, 2-6)
[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
January 1, 20x1
December 31, 20x1
Raw material
$
55,000
$
70,000
Work in process
120,000
115,000
Finished goods
150,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent...
prepare schedules of cost of goods manufactured and cost of
goods sold and an income statement
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 217.000 266,000 Selling expenses Purchases of raw materials Direet labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 157.000 365.000 $ 354.000 Inventory balances at the beginning and end of the year were as follows: Ray Baterials...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3) The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 659,000 $ 86,000 $ 132,000 $ 104,000 $ 43,000 $207,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,100...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 210,000 $ 265,000 ? $ 159,000 $ 372,000 $ 353,000 Inventory balances at the beginning and end of the year...
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