Homework Answers
Requirement a:
| Schedule of cost of goods sold | ||
| Direct materials: | ||
| Raw materials, Beginning | 36,800 | |
| Direct material purchases | 120,000 | |
| Direct materials available | 156,800 | |
| Raw materials, Ending | -62,750 | |
| Raw materials used | 94,050 | |
| Direct labor wages | 50,000 | |
| Factory overhead: | ||
| Indirect labor | 15,550 | |
| Factory Utilties | 3,000 | |
| Factory Maintenance | 1,100 | |
| Production Supervisor's Salary | 48,990 | |
| Deprciation-Factory equipment | 4,000 | |
| Factory insurance | 3,800 | |
| Factory rent | 17,775 | |
| Total factory overhead | 94,215 | |
| Total manufacturing costs | 238,265 | |
| Add: Wrok in process, beginning | 52,500 | |
| Deduct: Work in process, ending | -86,210 | |
| Cost of goods manufactured | 204,555 | |
| Add: Finished goods, beginning | 70,250 | |
| Deduct Finished goods, ending | -89,680 | |
| Cost of goods sold | 185,125 | |
Requirement b:
| Income Statement | ||
| Net sales | 420,000 | |
| Expenses: | ||
| Sales commissions | 14,000 | |
| President's Salary | 98,000 | |
| Office utilities | 1,500 | |
| Office salaries | 15,650 | |
| Depreciation-Office equipment | 2,000 | |
| Total expenses | 131,150 | |
| Net income | 288,850 | |
Requirement c:
| Balance Sheet (partial) | |
| Current assets: | |
| Cash | 62,300 |
| Accounts receivable | 12,500 |
| Inventories: | |
| Raw materials | 62,750 |
| Work in process | 86,210 |
| Finished goods | 89,680 |
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