Homework Answers
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| Carolina Company | |
| Answer 1 | |
| Cost of goods manufactured | Amount $ |
| Beginning Raw material inventory | 50,000.00 |
| Raw material Purchases | 290,000.00 |
| Total Raw material available for use | 340,000.00 |
| Less: Ending Raw material inventory | 70,000.00 |
| Direct materials used | 270,000.00 |
| Direct Labor | 480,000.00 |
| Manufacturing Overhead | |
| Depreciation- plant & equipment | 72,000.00 |
| Indirect material | 18,000.00 |
| Indirect Labor | 30,000.00 |
| Factory utilities | 35,000.00 |
| Other | 55,000.00 |
| Total Manufacturing Overhead | 210,000.00 |
| Total Manufacturing costs | 960,000.00 |
| Beginning Work in process inventory | 190,000.00 |
| Total cost of work in process | 1,150,000.00 |
| Less: Ending Work in process inventory | 220,000.00 |
| Cost of goods manufactured | 930,000.00 |
| Answer 2 | |
| Cost of goods sold | Amount $ |
| Beginning Finished goods inventory | 210,000.00 |
| Cost of goods manufactured | 930,000.00 |
| Cost of goods available for sale | 1,140,000.00 |
| Less: Finished goods inventory, ending | 220,000.00 |
| Cost of goods sold | 920,000.00 |
| Answer 3 | |
| Income Statement | Amount $ |
| Sales Revenues | |
| Sales Revenues | 1,720,000.00 |
| Net Sales | 1,720,000.00 |
| Less: Cost of goods sold | 920,000.00 |
| Gross Profit | 800,000.00 |
| Less: Operating Expenses | |
| Selling and administrative | 220,000.00 |
| Total Operating Expenses | 220,000.00 |
| Income before tax | 580,000.00 |
| Income tax @ 40% | 232,000.00 |
| Net Income | 348,000.00 |
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...
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.] 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...
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...
@ D O 90% 20:11 Osman 22 Just now ACTIVITIES 1. Ziscosteel, a manufacturer of recyclable...
@ D O 90% 20:11 Osman 22 Just now ACTIVITIES 1. Ziscosteel, a manufacturer of recyclable plastic bags, had the following in balances at the beginning of 2012 INVENTORY CLASSIFICATION 1 Jan 18 31-Dec-18 Raw Material 40.00000 5000000 Work in Progress 180,000.00 119.000.00 Finished Goods 150,000.00 165,000.00 During the year, the company purchased $250 000 of raw material and spent $400 000 on direct labour. The manufacturing overhead costs were as follows: indirect material 50 000.00 indirect labor 25.000.00 Depreciation...
Required information The following information applies to the questions displayed below.] The following data refer to T...
Required information The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipmenft Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x(0 Cash balance, 12/31/x1 Indirect material used $ 8,000 13,700 3,600 8,300 14,000 7,000 4,300 2,100 10,200 2,400 Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 15,300 38,800 6,000 2,400 3,800 29,000 3,600 1,200...
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...
Gma = Lavronmental Sci. YouTube Exercises (1 pt) Saved Help Save CI The following data from...
Gma = Lavronmental Sci. YouTube Exercises (1 pt) Saved Help Save CI The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor coat Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 651,000 $ 86,000 $ 130,000 $ 100,000 $ 49,000 $ 209,000 $ 224,000 3:56:04 ook Inventories Raw materiale Work in process Finished goods Beginning Ending $ 8.700 $...
Please help with this assignment. Thank you in advance! 13 x fx C D E F...
Please help with this assignment. Thank you in advance!
13 x fx C D E F Lab #2 - Chapter 14 Assignment Name: The following is an account listing with balances for the Damon Manufacturing Company as of December 31. Required: Using the accompanying templates provided on the right, prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; then (b) prepare the company's income statement that reports separate categories for selling and general...
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...
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.] 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...
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...
@ D O 90% 20:11 Osman 22 Just now ACTIVITIES 1. Ziscosteel, a manufacturer of recyclable plastic bags, had the following in balances at the beginning of 2012 INVENTORY CLASSIFICATION 1 Jan 18 31-Dec-18 Raw Material 40.00000 5000000 Work in Progress 180,000.00 119.000.00 Finished Goods 150,000.00 165,000.00 During the year, the company purchased $250 000 of raw material and spent $400 000 on direct labour. The manufacturing overhead costs were as follows: indirect material 50 000.00 indirect labor 25.000.00 Depreciation...
Required information The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipmenft Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x(0 Cash balance, 12/31/x1 Indirect material used $ 8,000 13,700 3,600 8,300 14,000 7,000 4,300 2,100 10,200 2,400 Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 15,300 38,800 6,000 2,400 3,800 29,000 3,600 1,200...
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...
Gma = Lavronmental Sci. YouTube Exercises (1 pt) Saved Help Save CI The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor coat Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 651,000 $ 86,000 $ 130,000 $ 100,000 $ 49,000 $ 209,000 $ 224,000 3:56:04 ook Inventories Raw materiale Work in process Finished goods Beginning Ending $ 8.700 $...
Please help with this assignment. Thank you in advance!
13 x fx C D E F Lab #2 - Chapter 14 Assignment Name: The following is an account listing with balances for the Damon Manufacturing Company as of December 31. Required: Using the accompanying templates provided on the right, prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; then (b) prepare the company's income statement that reports separate categories for selling and general...
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