Homework Answers
| Jensen Company | ||
| Statement of Costs of Goods Manufactured | ||
| For the Year Ended December 31 | ||
|
Direct materials: |
||
| Beginning inventory | $ 380,000.00 | |
|
Add: Purchases |
$ 1,675,000.00 | |
| Freight-in on materials | $ 1,500.00 | |
| Materials available | $ 2,056,500.00 | |
| Less: Ending inventory | $ (327,000.00) | |
| Direct materials used | $ 1,729,500.00 | |
| Direct labor | $ 2,000,000.00 | |
|
Manufacturing overhead: |
||
| Insurance on factory | $ 200,000.00 | |
| Indirect labor | $ 790,000.00 | |
| Depreciation, factory building. | $ 1,100,000.00 | |
| Depreciation, factory equipment | $ 630,000.00 | |
| Property taxes on factory | $ 65,000.00 | |
| Utilities, factory | $ 150,000.00 | |
| Total manufacturing costs added | $ 2,935,000.00 | |
| Add: Beginning work in process | $ 450,000.00 | |
| Less: Ending work in process | $ (750,000.00) | |
| Cost of goods manufactured | $ 6,364,500.00 | |
| Unit cost = Cost of goods manufactured/ units produced | ||
| Unit cost = $6,363,000/150,000 | $ 42.43 | per lamp |
|
Jensen Company |
||
| Income Statement For the Year Ended December 31 | ||
| For the Year Ended December 31 | ||
| Sales (2,500 + 150,000 – 11,500 =141,000 units sold × $50) | $ 7,050,000.00 | |
| Cost of goods sold: | ||
| Cost of goods manufactured | $ 6,364,500.00 | |
| Add: Beginning finished goods inventory | $ 1,007,500.00 | |
| Goods available for sale | $ 7,372,000.00 | |
| Less: Ending finished goods inventory | $ (489,000.00) | $ 6,883,000.00 |
| Gross margin | $ 167,000.00 | |
| Less: | ||
| Research and development | $ 120,000.00 | |
| Salary, sales supervisor | $ 85,000.00 | |
| Commissions, salespersons | $ 370,000.00 | |
| Administrative expenses | $ 390,000.00 | $ 965,000.00 |
| Income (loss) before taxes | $ (798,000.00) | |
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