Homework Answers
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Cost of Goods Manufactured |
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For year ended December 31 2017 |
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Direct Material |
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Raw material Inventory Jan 1 |
$ 1,25,000.00 |
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Raw material Purchased |
$ 2,35,000.00 |
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Raw material available for use |
$ 3,60,000.00 |
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Less: Raw material Inventory December 31 |
$ 1,55,000.00 |
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Direct Material Used |
$ 2,05,000.00 |
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Direct labor |
$ 2,40,000.00 |
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Factory Overheads |
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Heating light and power- Factory |
$ 8,000.00 |
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factory Supplies Used |
$ 5,500.00 |
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Indirect labor |
$ 28,000.00 |
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Property taxes -Factory |
$ 6,500.00 |
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Rent Factory |
$ 11,000.00 |
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Depreciation - Factory Equipment |
$ 20,000.00 |
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Miscellaneous Cost |
$ 3,400.00 |
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Total factory overheads |
$ 82,400.00 |
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Total manufacturing Cost |
$ 5,27,400.00 |
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Add: Beginning Work in process |
$ 2,25,000.00 |
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Total Work in process |
7,52,400.00 |
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Less: Work in progress december 31 2015 |
$ 2,10,000.00 |
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Cost of Goods Manufactured |
$ 5,42,400.00 |
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Income Statement |
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For the year ended December 31st 2017 |
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Sales |
$ 11,00,000.00 |
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Cost of Goods Sold |
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Beginning Finished Goods Inventory |
$ 2,15,000.00 |
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Cost of goods Manufactured |
$ 5,42,400.00 |
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Goods Available for sale |
$ 7,57,400.00 |
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Less: Ending Finished Goods Inventory |
$ 2,10,000.00 |
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Cost of Goods Sold |
$ 5,47,400.00 |
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Gross Profit from Sales |
$ 5,52,600.00 |
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Operating Expenses |
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Selling Expenses |
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Advertising |
$ 1,05,000.00 |
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Sales Salaries expenses |
$ 1,35,000.00 |
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Total selling Expenses |
$ 2,40,000.00 |
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General And Administrative Expenses |
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Depreciation-Office Equipment |
$ 15,000.00 |
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Office Salaries Expenses |
$ 82,000.00 |
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Property taxes - office |
$ 13,500.00 |
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Total General and Administrative Expenses |
$ 1,10,500.00 |
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Total Operating expenses |
$ 3,50,500.00 |
|
|
Net Income |
$ 2,02,100.00 |
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