Schedule of Cost of goods manufactured
Direct materials: |
||
Beginning raw material inventory |
19,000 | |
Add: Purchases of raw material |
155,000 |
|
Total raw materials available |
174,000 |
|
Less: Ending raw materials inventory |
- 26,000 |
|
Raw materials used in production |
148,000 | |
Direct labor |
487,000 | |
Manufacturing overheads |
||
Depreciation expense - Plant and equipment | 86,000 | |
Heat, light and power - plant | 44,000 | |
Indirect labor | 25,000 | |
Property taxes - plant | 34,000 | |
Factory supervisor's salary | 66,000 | |
Supplies - plant | 29,000 | |
Total Manufacturing overheads | 284,000 | |
Total manufacturing cost |
919,000 | |
Add: Beginning work in process inventory |
23,000 | |
942,000 | ||
Less: Ending work in process inventory |
- 9,000 | |
Cost of goods manufactured |
933,000 |
Income statement
Sales | 1,495,000 | |
Cost of goods sold | ||
Beginning finished goods inventory |
15,000 |
|
Add: Cost of goods manufactured |
933,000 |
|
Cost of goods available for sale |
948,000 |
|
Less: Ending finished goods inventory |
- 38,000 |
|
Cost of goods sold |
- 910,000 | |
Gross profit |
585,000 | |
Selling and administrative expenses |
||
Depreciation expense - Administrative office | 32,000 | |
Supplies - Administrative office | 16,000 | |
Sales representatives salaries | 145,000 | |
Total Selling and administrative expenses | - 193,000 | |
Net income | $392,000 |
Consider the following information for Huntersville, Inc, for the fiscal year ended December 31 Depreciation expense-administrative...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
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...
Consider the following information for Carrington Alantic Inc. for the year ended December 31, 2019: Accumulated depreciation $ 400,000 Depreciation expense (90%-Plant) 200,000 Direct labor – Wages 600,000 Direct materials inventory, Dec. 31, 2019 50,000 Direct materials inventory, Jan. 1, 2019 30,000 Direct material purchases 200,000 Finished goods inventory, Dec. 31, 2019 20,000 Finished goods inventory, Jan. 1, 2019 40,000 Heat, light & power...
Consider the following information for Butler Manufacturing Inc. for the year ended December 31, 2019: Accumulated depreciation $ 400,000 Depreciation expense (90%-Plant) 200,000 Direct labor – Wages 600,000 Direct materials inventory, Dec. 31, 2019 50,000 Direct materials inventory, Jan. 1, 2019 30,000 Direct material purchases 200,000 Finished goods inventory, Dec. 31, 2019 20,000 Finished goods inventory, Jan. 1, 2019 40,000 Heat, light & power (90%-Plant) 60,000 Indirect labor 40,000 Property taxes (90%-Plant) 60,000 Sales representatives’ salaries 800,000 Sales...
Check Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Pinished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives salaries Sales revenue $...
Consider the following information for Fair Wind Yachts Inc.. a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases 155,5e0 77,288 325, 500 48,850 21,500 26,25e 437,508 534, eee 280,eee 56,10e 45, 200 35, 300 24,200 38,750 99,650 133,10e 79,650 33,750 41,200 327,75e 2,999, eee Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat...
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods Inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives salaries Sales revenue $ 158,500...
330,000 to 101000 is incorrect insurance on plant to depreciation expense amount are wrong blem Saved Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboatric Advertising expenses Depreciation expense administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office...
Chapter 03 Assignment Help Save Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. 133 oints eBook References Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process...
The following information is available for Sylte, Inc. for the year ended December 31, 2016: Materials Inventory, January 1 77,350 Materials Inventory, December 31 95,550 Work in Process Inventory, January 1 109,200 Work in Process Inventory, December 31 96,200 Finished Goods Inventory, January 1 113,750 Finished Goods Inventory, December 31 100,100 Advertising Expense 68,250 Depreciation Expense-Office Equipment 22,750 Depreciation Expense-Factory Equipment 14,560 Direct Labor 186,550 Utilities-Factory 5,850 Indirect Labor 23,660 Materials Purchased 123,500 Office Salaries Expense 77,350 Property Taxes-Factory 4,095 Property Taxes-Office 13,650 Rent Expense-Factory 6,825 Sales 864,500 Sales Salary Expense 136,500 Supplies-Factory 3,250 Miscellaneous Costs-Factory 4,420 Calculate the following for...