Question

QUESTION 1

1. The following information is provided for Marcelino Company Metalworks for the current accounting period ended December 31. You will need to use this information to prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31and (b) the company's income statement that reports separate categories for selling and general and administrative expenses.Assume actual factory overhead equals allocated factory overhead.

   Administrative salaries expense	$ 140,000
   Depreciation expense–Factory equipment	57,600
   Depreciation expense–Delivery vehicles	33,400
   Depreciation expense–Office equipment	19,700
   Advertising expense	18,350
   Direct labor	243,000
   Factory supplies used	13,700
   Income taxes expense	91,200
   Indirect labor	41,400
   Indirect material	27,000
   Factory insurance	17,000
   Factory utilities	12,800
   Factory maintenance	9,000
   Inventories
   Raw materials inventory, January 1	34,000
   Raw materials inventory, December 31	30,000
   Work in Process inventory, January 1	35,780
   Work in Process inventory, December 31	39,460
   Finished goods inventory, January 1	58,970
   Finished goods inventory, December 31	64,000
   Raw materials purchases	327,000
   Rent expense–Factory	52,000
   Rent expense–Office space	26,000
   Rent expense–Selling Space	26,000
   Sales salaries expense	99,500
   Sales	1,454,000
   Sales discounts	31,000

what is the amount of Marcelinos direct materials used, factory/manufacturing overhead, cost of goods manufactured, net sales and cost of good sold?

Answer 1