Homework Answers
| Consolidated Minerals Ltd | ||
| Schedule of cost of goods manufactured | ||
| For the year ended December 31, 2019 | ||
| Direct materials | ||
| Direct material, January 1, 2019 | $ 35,000 | |
| Add: Raw material purchases | $ 8,500 | |
| Total raw materials available | $ 43,500 | |
| Less: Direct material, December 31, 2019 | $ 8,000 | |
| Raw material used in production | $ 35,500 | |
| Direct manufacturing labor | $ 83,000 | |
| Manufacturing overhead | ||
| Depreciation - Plant, building and equipment | $ 55,000 | |
| Plant suppervisory salaries | $ 102,000 | |
| Mis. Plant overhead | $ 99,000 | |
| Plant supplies used | $ 22,000 | |
| Plant utilities | $ 75,500 | |
| Indirect manufacturing labour | $ 39,000 | |
| Total manufacturing overhead | $ 392,500 | |
| Total manufacturing cost | $ 511,000 | |
| Add: Work in process, January 1, 2019 | $ 110,000 | |
| Less: Work in process, December 31, 2019 | $ 250,000 | |
| Cost of goods manufactured | $ 371,000 | |
| Consolidated Minerals Ltd | |
| Schedule of cost of goods sold | |
| For the year ended December 31, 2019 | |
| Finished goods, January 1, 2019 | $ 265,000 |
| Cost of goods manufactured | $ 371,000 |
| Add: Goods available for sale | $ 636,000 |
| Less: Finished goods, December 31, 2019 | $ 280,000 |
| Cost of goods sold | $ 356,000 |
| Consolidated Minerals Ltd | |
| Income statement | |
| For the year ended December 31, 2019 | |
| Revenues | $ 525,000 |
| Less: Cost of goods sold | $ 356,000 |
| Gross profit | $ 169,000 |
| Less: Marketing, distribution and customer service cost | $ 43,000 |
| Net income | $ 126,000 |
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