Homework Answers
| ans 1 | ||
| Schedule of Cost of gOod Manufactured | ||
| Beginning WIP | 180000 | |
| Add: Direct Material used | ||
| Beginning Direct material | 40000 | |
| Add: Purchases | 250000 | |
| Less: ending Direct material inventory | 50000 | 240000 |
| Direct Labor | 400000 | |
| Manufacturing overhead (50000+25000+13000+25230+30000) | 143230 | |
| Total Manufacturing cost | 783230 | |
| Total Manufacturing cost including Beg WIP | 963230 | |
| Less: ending WIP | 139000 | |
| Cost of gOod Manufactured | 824230 | |
| Ans 2 | ||
| Less: Cost of Good sold | ||
| Beginning Finished Goods Inventory | 150000 | |
| Cost of gOod Manufactured | 824230 | |
| Less: Ending Finished Goods Inventory | 165000 | 809230 |
| ans 3 | ||
| Income Statement | ||
| Revenue | $1,105,000 | |
| Less: Cost of Good sold | 809230 | |
| Gross profit | $295,770 | |
| Less: Selling & administrative expenses | 110000 | |
| Net Income | $185,770 | |
| If any doubt please comment |
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displayed below.]
Alexandria Aluminum Company, a manufacturer of recyclable soda
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Inventory Classification
January 1, 20x1
December 31, 20x1
Raw material
$
60,000
$
70,000
Work in process
120,000
115,000
Finished goods
170,000
165,000
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spent $400,000 on direct labor. Manufacturing overhead costs were
as follows:
Indirect material
$
8,000...
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Required information
[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
$
60,000
$
70,000
Work in process
120,000
115,000
Finished goods
170,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent $400,000 on direct labor. Manufacturing overhead costs were
as follows:
Indirect material
$
8,000...
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