Schedule of Cost of goods manufactured: | |
Beginning Raw Materials | 200,000.00 |
Add: Raw materials purchased | 800,000.00 |
Total materials available for Sale | 1,000,000.00 |
Less: Ending Raw materials | 100,000.00 |
Direct Materials used | 900,000.00 |
Add: Direct labor | 1,000,000.00 |
Add: Manufacturing overhead applied | 500,000.00 |
Total manufacturing cost | 2,400,000.00 |
Add: beginning balance, WIP | 400,000.00 |
Total cost work in process inventory | 2,800,000.00 |
less: Ending balance, WIP | 200,000.00 |
Cost of goods manufactured | 2,600,000.00 |
Cost of Goods sold | |
Beginning finished Goods inventory | 600,000.00 |
Add: Cost of goods manufactured | 2,600,000.00 |
Cost of goods available for Sale | 3,200,000.00 |
Less: Ending finished goods inventory | 300,000.00 |
Cost of goods sold | 2,900,000.00 |
Income Statement | |
Sales revenue | 4,000,000.00 |
less: Cost of goods sold | 2,900,000.00 |
Gross profit | 1,100,000.00 |
less: sales & administrative expense: | |
Selling expenses | 250,000.00 |
General & administrative expense: | 550,000.00 |
Net income | 300,000.00 |
II. Problem solving question- Design works International manufactures custom tiles. The following information relates to the...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $230,000 Ending balance in Work in Process Inventory 280,000 Beginning balance in Finished Goods Inventory 450,000 Ending balance in Finished Goods Inventory 380,000 Direct material cost 2,840,000 Direct labor cost 2,860,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,310,000 Sales 8,560,000 Prepare an income statement for fiscal 2017. Ignore income taxes. (Enter negative amounts using...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $230,000 Ending balance in Work in Process Inventory 280,000 Beginning balance in Finished Goods Inventory 450,000 Ending balance in Finished Goods Inventory 380,000 Direct material cost 2,840,000 Direct labor cost 2,860,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,310,000 Sales 8,560,000 Prepare a schedule of cost of goods manufactured. Sipacore, Inc. Schedule of Cost of...
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $160,000 Ending balance in Work in Process Inventory 330,000 Beginning balance in Finished Goods Inventory 460,000 Ending balance in Finished Goods Inventory 390,000 Direct material cost 2,700,000 Direct labor cost 3,480,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,330,000 Sales 8,920,000 Prepare an income statement for fiscal 2017. Ignore income taxes. (Enter negative amounts using either a...
The following information is available for Dynatech, Inc. for the fiscal year ending December 31, 2017: ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $160,000 Ending balance in Work in Process Inventory 330,000 Beginning balance in Finished Goods Inventory 460,000 Ending balance in Finished Goods Inventory 390,000 Direct material cost 2,700,000 Direct labor cost 3,480,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,330,000 Sales 8,920,000 Prepare a schedule of cost of goods manufactured Marx, Inc. Schedule of Cost of Goods Manufactured...
Question 1: The information below relates to Guzzardi Manufacturing Company. (Assume that all raw materials are direct materials.) Purchases of raw materials ..... Direct labor cost... Selling costs (total) ........ Administrative costs (total) Manufacturing overhead costs (total) .... Raw materials inventory, beginning ....... Work in process inventory, beginning... Finished goods inventory, beginning Raw materials inventory, ending......... Work in process inventory, ending.......... Finished goods inventory, ending............. $362.000 $207.000 $61,000 $84,000 $775.000 $37,000 $19.000 $62,000 $44,000 $3,000 $77,000 Required: What is Guzzardi's...
The following data relates to the Windlar Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $ 40 Direct Materials Inventory, Ending 30 Work-in-Process Inventory, Beginning 50 Work-in-Process Inventory, Ending 60 Finished Goods Inventory, Beginning 80 Finished Goods Inventory, Ending 90 Direct Materials Purchases 300 Direct Labor 40 Factory Overhead 150 Required: Prepare a statement of cost of goods manufactured.
The following data relates to the Biofuel Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $40 Direct Materials Inventory, Ending 50 Work-in-Process Inventory, Beginning 55 Work-in-Process Inventory, Ending 45 Finished Goods Inventory, Beginning 70 Finished Goods Inventory, Ending 60 Direct Materials Purchases 310 Direct Labor 60 Factory Overhead 160 Required: Prepare a statement of cost of goods manufactured.