Question
In: Accounting
Alpha Corporation has the following information for the month of August: Purchases $ 92,000 Materials inventory,...
Alpha Corporation has the following information for the month of August:
|
Purchases |
$ 92,000 |
|
Materials inventory, August 1 |
6,000 |
|
Materials inventory, August 31 |
8,000 |
|
Direct labor |
25,000 |
|
Factory overhead |
37,000 |
|
Work in process, August 1 |
32,000 |
|
Work in process, August 31 |
23,500 |
|
Finished goods inventory, August 1 |
21,000 |
|
Finished goods inventory, August 31 |
30,000 |
|
Sales |
252,000 |
|
Sales and administrative expenses |
79,000 |
Prepare (a) a schedule of cost of goods manufactured, (b) an income statement for the month ended August 31,
Solutions
Expert Solution
| Alpha Corporation | ||
| Schedule of cost of goods manufactured | ||
| For the month ended august 31 | ||
| Direct materials | ||
| Raw materials inventory,August 1 | 6000 | |
| ADD: Purchase of raw materials | 92000 | |
| Raw materials available for use | 98000 | |
| DEDUCT: Raw materials inventory, august 31 | 8000 | |
| Raw materials used in production | 90000 | |
| Direct labor | 25000 | |
| Manufacturing overhead | 37000 | |
| Total manufacturing costs | 152000 | |
| ADD: Work in process inventory ,august 1 | 32000 | |
| 184000 | ||
| DEDUCT:work in process inventory, august 31 | 23500 | |
| Cost of goods manufactured | 160500 | |
| Alpha Corporation | ||
| Income Statement | ||
| For the month Ended august 31 | ||
| Sales | 252000 | |
| Less: cost of goods sold | ||
| Opening finished goods | 21000 | |
| Add: Cost of goods manufactured | 92000 | |
| Less: closing finished goods | 30000 | |
| COGS | 83000 | |
| Gross profit | 169000 | |
| Less: Sales and administrative exp | 79000 | |
| Net profit/(loss) | 90000 | |
ekkarill92 answered 3 years agoRelated Solutions
Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory,...
Zoe Corporation has the following information for the month of
March:
Purchases
$ 92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
21,000
Work in process, March 31
23,500
Finished goods inventory, March 1
23,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March. Purchases $ 92,000 Materials inventory,...
Zoe Corporation has the following information for the month of
March.
Purchases $ 92,000 Materials inventory, March 1 6,000 Materials
inventory, March 31 8,000 Direct labor 25,000 Factory overhead
37,000 Work in process, March 1 21,000 Work in process, March 31
23,500 Finished goods inventory, March 1 23,000 Finished goods
inventory, March 31 30,000 Sales 257,000 Sales and administrative
expenses 79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
22,000
Work in process, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Required:
Prepare (a) a statement of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, March 1
22,000
Work in process, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Sales and administrative expenses
79,000
Required:
Prepare (a) a statement of cost of goods manufactured, (b) an
income statement for the month ended March 31,...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March: Purchases $92,000 Materials inventory, March 1 6,000
Materials inventory, March 31 8,000 Direct labor 25,000 Factory
overhead 37,000 Work in process inventory, March 1 22,000 Work in
process inventory, March 31 23,500 Finished goods inventory, March
1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000
Selling and administrative expenses 79,000 a. Prepare a schedule of
cost of goods manufactured. Enter all amounts as positive numbers.
Zoe Corporation Statement...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process inventory, March
1
22,000
Work in process inventory, March
31
23,500
Finished goods inventory, March
1
21,000
Finished goods inventory, March
31
30,000
Sales
257,000
Selling and administrative
expenses
79,000
Required:
Prepare (a) a schedule of cost
of goods manufactured, (b) an income statement for the month ended...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March:
Purchases
$92,000
Materials inventory, March 1
6,000
Materials inventory, March 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process inventory, March 1
22,000
Work in process inventory, March 31
23,500
Finished goods inventory, March 1
21,000
Finished goods inventory, March 31
30,000
Sales
257,000
Selling and administrative expenses
79,000
a. Prepare a schedule of cost of goods
manufactured. Enter all amounts as positive numbers.
Zoe Corporation
Statement...
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March...
Zoe Corporation has the following information for the month of
March: Purchases $92,000 Materials inventory, March 1 6,000
Materials inventory, March 31 8,000 Direct labor 25,000 Factory
overhead 37,000 Work in process, March 1 22,000 Work in process,
March 31 23,500 Finished goods inventory, March 1 21,000 Finished
goods inventory, March 31 30,000 Sales 257,000 Sales and
administrative expenses 79,000 Required: Prepare (a) a statement of
cost of goods manufactured, (b) an income statement for the month
ended March 31,...
Answer all questions: 1) Purchases = $92,000 Materials Inventory, Beginning = $6000 Materials Inventory, Ending =...
Answer all questions:
1) Purchases = $92,000
Materials Inventory, Beginning = $6000
Materials Inventory, Ending = $8000
Direct Labor = $25,000
Factory Overhead = $37,000
Work In Process, Beginning = $22,000
Work in Process, Ending = $18,500
Finished Goods Inventory, Beginning = $21,000
Finished Goods Inventory, Ending = $25,000
Sales = $257,000
Selling and Administrative Expenses = 479,000
Required: Which of the above accounts would appear on an Income
Statement ?
2) Refer to #1. Which of the above accounts...
Purchases$92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 . 8,000 . Direct labor 25,000...
Purchases$92,000
Materials inventory, March 1 6,000
Materials inventory, March 31 . 8,000 .
Direct labor 25,000
Factory overhead . 37,000
Work in process, March 1 . 22,000 .
Work in process, March 31 . 23,500 .
Finished goods inventory, March 1 . 21,000 .
Finished goods inventory, March 31 . 30,000
Sales . 257,000
Sales and administrative expenses . 79,000
Please enter an account name for every "$" that is underneath
the title. The possible name options are
Beginning work...
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