Homework Answers
1.Raw materials used during the year is $ 44,000.(Refer Note No.1)
2. Total Manufacturing cost for the year is $84000. (Refer Note No.1)
3.Total cost of goods manufactured during the year is $172000.(Refer Note No.1)
4.Total adjusted cost of goods sold during the year $166000.(Refer note No 1)
5.The Gross margin is 15.44% and Net Income for the year ended $44000.(Refer note No 2)
Notes:-
The above mentioned answer are calculated on the basis of Statement of cost prepared as below.
Note No 1.
Brinkley Company
Statement of Cost fot the year ended December 31,2XXX
Descriptions $ $
Opening Raw materials 12000
Purchase of Raw materials 70000
Closing Raw materials (38000)
Raw materials consumed (Answer No 1.) 44000
Direct Labour 48000
Prime Cost 92000
Factory Depreciation 13000
Factory Utilities 12000
Factory Supervisor Salaries 35000
Indirect Materials 11000
Indirect Labour 13000
Total Manufacturing Overhead(Answer No. 2) 84000
Factory Cost/Works Cost 176000
Opening Work in progress 21000
Closing Work in Progress (25000)
Cost of production /Production cost(Answer No 3) 172000
Opening Finished Goods 16000
Closing Finished Goods (22000) Cost of goods sold(Answer No.4) 166000
Selling & Administrative Expenses 75000
Total Cost/Cost of Sale 241000
Profits (Net Income) 44000
Sales 285000
Note No 2.
Calculation of Gross margin:-
Gross margin=Profits/Sales×100
=$44000/$285000 ×100
=0.15438×100
=15.44%(Approx)
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