Question

In: Accounting

Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...

Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6) [The following information applies to the questions displayed below.] Alhambra 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 $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 170,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 for direct labor. Manufacturing overhead costs were as follows: Indirect material $ 8,000 Indirect labor 27,000 Depreciation on plant and equipment 100,000 Utilities 26,000 Other 30,000 Sales revenue was $1,111,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Exercise 2-28 Part 3 3. Prepare an income statement.

Solutions

Expert Solution





ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...
Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 657,000 Direct labor cost $ 85,000 Raw material purchases $ 131,000 Selling expenses $ 100,000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10,500 Work...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6]...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 219,000 Purchases of raw materials $ 266,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 332,000 Total actual manufacturing overhead costs $ 354,000 Inventory balances at the beginning and end of...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 216,000 Purchases of raw materials $ 269,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 356,000 Inventory balances at the beginning and end of the year...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 151,000 Manufacturing overhead applied to work in process $ 366,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Sales .......................................... $524,000 Direct labor cost.................................. $70,000 Raw material purchases............................ $118,000 Selling expenses ................................. $140,000 Administrative expenses ........................... $63,000 Manufacturing overhead applied to work in process ...... $90,000 Actual manufacturing overhead costs ................. $80,000 Inventories Beginning of End of Year Year Raw materials.............. $7,000 $15,000 Work in process............ $10,000 $5,000...
Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare...
Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,930 Direct labor $ 58,300 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,160 Inventories Beginning Ending Raw materials $ 10,100 $ 19,700 Work in process $ 55,100 $ 68,300 Finished goods $ 33,200 $ 42,900 Required:...
Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...
Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the information below for 2017. Raw Materials Inventory Begin. Inv. 12,500 Purchases 55,000 Avail. for use 67,500 DM used 49,000 End. Inv. 18,500 Work in Process Inventory Begin. Inv. 17,400 DM used 49,000 Direct labor 31,700 Overhead 61,000 Avail. for mfg. 159,100 Cost of goods mfg 146,300 End. Inv. 12,800 Finished Goods Inventory Begin. Inv. 21,400 Cost of goods mfg 146,300...
Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 [The...
Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 [The following information applies to the questions displayed below.] Using the following data,        Garcon Company Pepper Company   Beginning finished goods inventory $ 9,000 $ 23,500   Beginning work in process inventory 19,000 21,000   Beginning raw materials inventory 8,000 9,000   Rental cost on factory equipment 33,000 23,500   Direct labor 15,000 39,000   Ending finished goods inventory 19,500 16,000   Ending work in process inventory 24,000 19,000   Ending raw...
E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport...
E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 26,100 Beginning Raw Materials, 1/1/18 37,500 Beginning Work in Process, 1/1/18 112,300 Direct Labor for 2018 $ 277,300 Ending Finished Goods, 12/31/18 24,400 Ending Raw Materials, 12/31/18 41,250 Ending Work in Process, 12/31/18 122,600 Material Purchases for 2018 306,200 (including $25,000 of indirect material) Note: The pre-determined overhead rate is 0.95 (95%) of...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT