Homework Answers
Schedule of Cost of goods manufactured
|
Direct materials: |
||
|
Beginning raw material inventory |
28,500 | |
|
Add: Purchases of raw material |
202,500 |
|
|
Total raw materials available |
231,000 |
|
|
Less: Ending raw materials inventory |
- 40,250 |
|
|
Raw materials used in production |
190,750 | |
|
Direct labor |
561,600 | |
|
Manufacturing overheads |
||
| Depreciation expense - Plant and equipment | 95,500 | |
| Heat, light and power - plant | 49,700 | |
| Indirect labor | 28,800 | |
| Property taxes - plant | 38,750 | |
| Factory supervisor's salary | 68,850 | |
| Supplies - plant | 30,900 | |
| Total Manufacturing overheads | 312,500 | |
|
Total manufacturing cost |
1,064,850 | |
|
Add: Beginning work in process inventory |
27,750 | |
| 1,092,600 | ||
|
Less: Ending work in process inventory |
- 12,800 | |
|
Cost of goods manufactured |
1,079,800 |
2) Income statement
| Sales | 1,716,000 | |
| Cost of goods sold | ||
|
Beginning finished goods inventory |
16,900 |
|
|
Add: Cost of goods manufactured |
1,079,800 |
|
|
Cost of goods available for sale |
1,096,700 |
|
|
Less: Ending finished goods inventory |
- 24,400 |
|
|
Cost of goods sold |
- 1,072,300 | |
|
Gross profit |
643,700 | |
|
Selling and administrative expenses |
||
| Depreciation expense - Administrative office | 38,650 | |
| Supplies - Administrative office | 19,800 | |
| Sales representatives salaries | 154,500 | |
| Total Selling and administrative expenses | - 212,950 | |
| Net income | $430,750 |
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