Leslie Manufacturing reported the following Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 20,000...
Leslie Manufacturing reported the following
| Revenue | $450,000 |
| Beginning inventory of direct materials, January 1, 2015 | 20,000 |
| Purchases of direct materials | 156,000 |
| Ending inventory of direct materials, December 31,2015 | 18,000 |
| Direct manufacturing labor | 21,000 |
| Indirect manufacturing costs | 42,000 |
| Beginning inventory of finished goods, January 1, 2015 | 40,000 |
| Cost of goods manufactured | 114,000 |
| Ending inventory of finished goods, December 31, 2015 | 45,000 |
| Operating costs | 150,000 |
What is Leslie's Operating Income?
Homework Answers
Solution
Operating income = $191,000
Working
| Income statement | ||
| Sales revenue | $ 450,000.00 | |
| Cost of goods sold: | ||
| Beginning Finished Goods Inventory | $ 40,000.00 | |
| Add: Cost of goods manufactured | $ 114,000.00 | |
| Goods Available for sale | $ 154,000.00 | |
| Less :Ending Finished goods Inventory | $ 45,000.00 | |
| Cost of Goods Sold | $ 109,000.00 | |
| Gross profit | $ 341,000.00 | |
| Operating expenses | $ 150,000.00 | |
| Operating income | $ 191,000.00 | |
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Leslie Manufacturing reported the following
Revenue
$450,000
Beginning inventory of direct materials, January 1, 2015
20,000...
Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of...
Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $460,000 23,000 15,400 10,000 29,000 49,000 48,000 106,400 46,000 153,000 What is Leslie's operating income? $333,800 $193,900 $209,900 $191,900
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of...
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, Januay 1, 2015 Cost of goods manufactured Ending inventory of finished goode, December 31, 2015 Operating costs $450,000 21,000 151,000 10,000 20,000 40,000 43,000 272,000 49,000 158,000 How much of the above would be considered period costs for Leslie Manufacturing? C$239,000 $153,000 C$293,000...
All Rite Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases...
All Rite Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $450,000 27,000 160,000 13,000 24,000 47,000 50,000 245,000 41,000 159,000 What is All Rite Manufacturing's cost of goods sold? O A. $413,000 B. $245,000 *C....
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Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $460,000 23,000 15,400 10,000 29,000 49,000 48,000 106,400 46,000 153,000 What is Leslie's operating income? $333,800 $193,900 $209,900 $191,900
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, Januay 1, 2015 Cost of goods manufactured Ending inventory of finished goode, December 31, 2015 Operating costs $450,000 21,000 151,000 10,000 20,000 40,000 43,000 272,000 49,000 158,000 How much of the above would be considered period costs for Leslie Manufacturing? C$239,000 $153,000 C$293,000...
All Rite Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $450,000 27,000 160,000 13,000 24,000 47,000 50,000 245,000 41,000 159,000 What is All Rite Manufacturing's cost of goods sold? O A. $413,000 B. $245,000 *C....
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Beginning inventory of work in process, January 1 4,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 Ending Inventory of work in process, December 31 110,000 What was Lewisbum's cost...
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The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
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Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
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