HomeworkLib
Question

Schedule of cost of goods manufactured and sold; income statement: manufacturer Matilda Surt Gear, a manufacturer of sports and beach wear, had the following inventory balances at the beginning and end of the year. 1 Determine the missing amount in each of the independent cases Jo Inventory classification Raw material Work in process Finished goods 1 January 55000 110000 160000 31 December $ 75000 125000 155000 ear the company purchas $240000o raw material and spekt $420 000f During the year, the company purchased direc t labour. Manufacturing costs were as tollows Indirect material Indirect labour Depreciation on plant and equipment Utilities Other $ 12000 22000 110000 23000 35000 revenue was $1 210000 for the vear.Selling and administrative costs for the year ted to $105000. The firms tax rate is 35 per cent. Sales n
Motorial Vsed Required: 1 Prepare a schedule of cost of goods manufactured. 2 Prepare a schedule of cost of goods sold 1社福辩一切u.初床, Prenare an income statement 4 Construct an Excel spreadsheet to solve all of the preceding requirements, Show how both cost schedules and the income statement will change if the following data change: direct labour is $410 000 and utilities cost $24000.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer 1:

Matilda Surf Gear Schedule of Cost of Good Manufactured for the year ended December 31, 2xxx Cost of Goods Manufactured Direct Material: Beginning balance Add, Purchases Direct Material available Less, Indirect material issued Less, Ending Balance $55,000 $240,000 $295,000 $12,000 $75,000 Direct material issued Direct labor Manufacturing Overhead $208,000 $398,000 $12,000 $22,000 Indirect material Indirect labor Depreciation on plant and machinery $110,000 Utilities Others $23,000 $35,000 Total manufacturing overhead Manufacturing cost $202,000 $808,000 Add, Beginning work in process Less, Ending work in process $110,000 125,000 Cost of Goods Manufactured $793,000

Answer 2:

Matilda Surf Gear Schedule of Cost of Goods Sold for the year ended December 31, 2xxx ost of Goods Sold Direct Material: Beginning balance Add, Purchases Direct Material available Less, Indirect material issued Less, Ending Balance $55,000 $240,000 $295,000 $12,000 $75,000 Direct material issued Direct labor Manufacturing Overhead 208,000 $398,000 $12,000 $22,000 Indirect material Indirect labor Depreciation on plant and machinery |$110,000 Utilities Others $23,000 $35,000 Total manufacturing overhead Manufacturing cost $202,000 $808,000 Add, Beginning work in process Less, Ending work in process $110,000 $125,000 Cost of Goods Manufactured $793,000 Add, Beginning Finished Goods Less, Ending Finished Goods $160,000 $155,000 Cost of Goods sold $798,000

Answer 3:

Matilda Surf Gear Income Statement for the year ended December 31, 2xxx Sales $1,210,000 Cost of Goods Sold Direct Material: Beginning balance Add, Purchases Direct Material available Less, Indirect material issued Less, Ending Balance $55,000 $240,000 $295,000 $12,000 $75,000 Direct material issued Direct labor Manufacturing Overhead $208,000 $398,000 $12,000 $22,000 Indirect material Indirect labor Depreciation on plant and machinery |$110,000 Utilities Others $23,000 $35,000 Total manufacturing overhead Manufacturing cost $202,000 $808,000 Add, Beginning work in process Less, Ending work in process $110,000 125,000 Cost of Goods Manufactured $793,000 $160,000 $155,000 Add, Beginning Finished Goods Less, Ending Finished Goods Cost of Goods sold Gross Profit Selling and administrative costs Income before Tax Tax at 35% Net Income $798,000 $412,000 $105,000 $307,000 $107,450 $199,550

Answer 4:

The excel spread sheet as required is given in answer 3 above.

When direct labor = $410,000

Utilities = $24,000

Cost of goods manufactured will be = $784,000

Cost of goods sold will be = $789,000

Net Income will be = $205,400

The three schedules will be as follows:

Matilda Surf Gear Schedule of Cost of Good Manufactured for the year ended December 31, 2xxx Cost of Goods Manufactured Direc

Matilda Surf Gear Schedule of Cost of Goods Sold for the year ended December 31, 2xxx Cost of Goods Sold Direct Material: Beginning balance Add, Purchases Direct Material available Less, Indirect material issued Less, Ending Balance $55,000 $240,000 $295,000 $12,000 $75,000 Direct material issued Direct labor Manufacturing Overhead 208,000 $388,000 $12,000 $22,000 Indirect material Indirect labor Depreciation on plant and machinery |$110,000 Utilities Others $24,000 $35,000 Total manufacturing overhead Manufacturing cost $203,000 $799,000 Add, Beginning work in process Less, Ending work in process $110,000 125,000 Cost of Goods Manufactured $784,000 Add, Beginning Finished Goods Less, Ending Finished Goods $160,000 $155,000 Cost of Goods sold $789,000

Matilda Surf Gear Income Statement for the year ended December 31, 2xxx Sales $1,210,000 Cost of Goods Sold Direct Material: Beginning balance Add, Purchases Direct Material available Less, Indirect material issued Less, Ending Balance $55,000 $240,000 $295,000 $12,000 $75,000 Direct material issued Direct labor Manufacturing Overhead $208,000 $388,000 $12,000 $22,000 Indirect material Indirect labor Depreciation on plant and machinery |$110,000 Utilities Others $24,000 $35,000 Total manufacturing overhead Manufacturing cost $203,000 $799,000 Add, Beginning work in process Less, Ending work in process $110,000 125,000 Cost of Goods Manufactured $784,000 $160,000 $155,000 Add, Beginning Finished Goods Less, Ending Finished Goods Cost of Goods sold Gross Profit Selling and administrative costs Income before Tax Tax at 35% Net Income $789,000 $421,000 $105,000 $316,000 $110,600 $205,400

0 0
Add a comment
Know the answer?
Add Answer to:
Schedule of cost of goods manufactured and sold; income statement: manufacturer Matilda Surt Gear, a manufacturer...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Schedules of cost of goods manufactured and sold; income E2.30 Adelaide Aluminium Company, a manufacturer of...

    Schedules of cost of goods manufactured and sold; income E2.30 Adelaide Aluminium Company, a manufacturer of recyclable inventory balances at the beginning and end of the current year: soft drink cans, had the following Inventory account Raw material Work in process Finished goods During the year, the company purchased $500000 of raw material and spent 31 December 1 January $120000 240000 300000 $140000 230000 330000 direct labour. Manufacturing overhead costs were as follows: $800000 on Indirect materials Indirect labour Depreciation...

  • 2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Cioods Sold ILO1....

    2-10 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Cioods Sold ILO1. LO3, LO41 Limited provided the following information for the year ended December 31: Costs incurred Marketing expense.... Direct labour cost Raw material purchases Rent, manufacturing Indirect labour 270000 building.. 396000 . 240000 05000 27000 T2000 2100 Utilities, manufacturing.... Supplies, manufacturing. 120000 Beginning End of earof Year aw materials Work in process. inished goods. 15000 210,000 60.000 5000 1. Prepare a schedule of cost of...

  • Required information Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold Income Statement (LO 2-1,...

    Required information Exercise 2-29 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.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 65, 000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $240,000 of raw...

  • Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1,...

    Required information 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.j Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1 December 31 20x1 $ 70,000 Inventory January 1, 20x1 Classification Raw material Work in process 60,000 20,000 115,000 Finished goods 140,000 165,000 During 20x1, the company purchased $240,000 of raw material and...

  • prepare schedules of cost of goods manufactured and cost of goods sold and an income statement...

    prepare schedules of cost of goods manufactured and cost of goods sold and an income statement Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 217.000 266,000 Selling expenses Purchases of raw materials Direet labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 157.000 365.000 $ 354.000 Inventory balances at the beginning and end of the year were as follows: Ray Baterials...

  • 2-27 Statement of comprehensive income and schedule of cost of goods manufactured. The Howell Corporation has...

    2-27 Statement of comprehensive income and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): For Specific Date For Year 2019 Direct materials, January 1, 2019 Purchases of direct materials Work in process, January 1, 2019 Direct manufacturing labour Finished goods, January 1, 2019 Depreciation—plant, building, and equipment Direct materials, December 31, 2019 Plant supervisory salaries Work in process, December 31, 2019 Miscellaneous plant overhead Finished goods, December 31, 2019 Revenues 1,140 Marketing,...

  • Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...

    Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...

  • Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)...

    Exercise 2-29 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.] Alexandria 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 150,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent...

  • Required information Exercise 2-28 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1,...

    Required information 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 Raw material Work in process Finished goods January 1, 20x1 60,000 120,000 140,000 December 31, 20x1 70,000 115,000 165,000 Classification During 20x1, the company purchased $240,000 of raw material and spent...

  • Please check my answers. Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...

    Please check my answers. Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5) Carlton Manufacturing Company provided the following details about operations in February: $ Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building 169,000 40,900 35, 100 60,200 3,650 46,400 28,600 18,800 4,650 22,600 114,000 The company...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT