and prepare cost of good manufactured statement, cost of goods sold statement, and income statement
Case A | ||
Schedule of Cost of goods manufactured | ||
Direct material consumed | $ 15,000 | |
Direct labor | $ 5,000 | |
Manufacturing overhead | $ 8,000 | |
Conversion cost | $ 13,000 | |
Current manufacture cost | $ 28,000 | |
add: work in process inventory, beginning | $ 7,000 | |
Total cost to be accounted for | $ 35,000 | |
less: work in process inventory, ending | $ 5,000 | |
Cost of goods manufactured | $ 30,000 | |
Total Direct Cost (Direct material + Direct labor) | $ 20,000 | |
Schedule of Cost of goods Sold | ||
Cost of goods manufactured | $ 30,000 | |
Add: Finished goods inventory, beginning | $ 9,000 | |
Cost of goods available for sale | $ 39,000 | |
Less: Finished goods inventory, ending | $ 6,000 | |
Cost of goods sold | $ 33,000 | |
Income Statement | ||
Sales | $ 85,000 | |
Less: Cost of goods sold | $ 33,000 | |
Gross profit | $ 52,000 | |
Less: Selling and Administrative expenses | $ 20,000 | |
Net income | $ 32,000 |
Case B | ||
Schedule of Cost of goods manufactured | ||
Direct material consumed | $ 21,000 | |
Direct labor (32000-21000) | $ 11,000 | |
Manufacturing overhead (26000-11000) | $ 15,000 | |
Conversion cost | $ 26,000 | |
Current manufacture cost | $ 47,000 | |
add: work in process inventory, beginning | $ 10,000 | |
Total cost to be accounted for | $ 57,000 | |
less: work in process inventory, ending (57000-32000) | $ 25,000 | |
Cost of goods manufactured | $ 32,000 | |
Total Direct Cost (Direct material + Direct labor) | $ 32,000 | |
Schedule of Cost of goods Sold | ||
Cost of goods manufactured | $ 32,000 | |
Add: Finished goods inventory, beginning | $ 8,000 | |
Cost of goods available for sale | $ 40,000 | |
Less: Finished goods inventory, ending (40000-35000) | $ 5,000 | |
Cost of goods sold | $ 35,000 | |
Income Statement | ||
Sales (35000+37000) | $ 72,000 | |
Less: Cost of goods sold | $ 35,000 | |
Gross profit (15000+22000) | $ 37,000 | |
Less: Selling and Administrative expenses | $ 15,000 | |
Net income | $ 22,000 |
Case C | ||
Schedule of Cost of goods manufactured | ||
Direct material consumed (95000-20000-10000) | $ 65,000 | |
Direct labor | $ 20,000 | |
Manufacturing overhead | $ 10,000 | |
Conversion cost | $ 30,000 | |
Current manufacture cost | $ 95,000 | |
add: work in process inventory, beginning | ||
Total cost to be accounted for | $ 95,000 | |
less: work in process inventory, ending (95000-93000) (Hint: First check income statement, Cost of Goods sold and then You will get 93000) | $ 2,000 | |
Cost of goods manufactured | $ 93,000 | |
Total Direct Cost (Direct material + Direct labor) | $ 85,000 | |
Schedule of Cost of goods Sold | ||
Cost of goods manufactured (10000-7000) | $ 93,000 | |
Add: Finished goods inventory, beginning | $ 7,000 | |
Cost of goods available for sale (92000+8000) | $ 100,000 | |
Less: Finished goods inventory, ending | $ 8,000 | |
Cost of goods sold (110000-18000) | $ 92,000 | |
Income Statement | ||
Sales | $ 110,000 | |
Less: Cost of goods sold | $ 92,000 | |
Gross profit | $ 18,000 | |
Less: Selling and Administrative expenses (18000-12000) | $ 6,000 | |
Net income | $ 12,000 |
Case D | ||
Schedule of Cost of goods manufactured | ||
Direct material consumed | $ 21,000 | |
Direct labor (30000-21000) | $ 9,000 | |
Manufacturing overhead (79000-30000) | $ 49,000 | |
Conversion cost | $ 58,000 | |
Current manufacture cost | $ 79,000 | |
add: work in process inventory, beginning | $ 21,000 | |
Total cost to be accounted for | $ 100,000 | |
less: work in process inventory, ending (100000-82000) | $ 18,000 | |
Cost of goods manufactured | $ 82,000 | |
Total Direct Cost (Direct material + Direct labor) | $ 30,000 | |
Schedule of Cost of goods Sold | ||
Cost of goods manufactured | $ 82,000 | |
Add: Finished goods inventory, beginning | $ 12,000 | |
Cost of goods available for sale | $ 94,000 | |
Less: Finished goods inventory, ending (94000-80000) | $ 14,000 | |
Cost of goods sold | $ 80,000 | |
Income Statement | ||
Sales (80000+15000) | $ 95,000 | |
Less: Cost of goods sold | $ 80,000 | |
Gross profit | $ 15,000 | |
Less: Selling and Administrative expenses (15000-6000) | $ 9,000 | |
Net income | $ 6,000 |
And prepare cost of good manufactured statement, cost of goods sold statement, and income statement
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Can someone please tell me what chapters (1-5) these questions
are based on? I have already answered the questions and understand
how to solve the material, but i want to be able to pinpoint where
i can find this info. in the book. I am using Brigham’s
Fundamentals of Financial Management (pictures attached). If it is
hard to read, please let me know. i will post better pictures. i
know the time vale of money stuff already
EDIT: HERE IS...