Question
Ms. Each one is worth the score indicated next to the problem number. Show all work...
ms. Each one is worth the score indicated next to the problem number. Show all work for complete credit. You may write your answers on the test or attach extra pages. Please be NEAT when writing your answers. I cannot grade illegible answers. (30 points possible) 2t152000 HM 1. (9 points) The following data have been taken from the accounting records of Larder boanite Corporation for the just completed year. M 000,21 Sales.. $1,795,000 $540,000 $335,000 o$340,000 $225,000 $210,000 $190,000 $140,000 d b$150,000i $115,000in $140,000 $175,000 (Purchases of raw materials Direct labor... Applied Manufacturing overhead. Administrative expenses. Selling expenses Raw materials inventory, beginning. Raw materials inventory, ending... 0 WO.Work in process inventory, beginning Work in process inventory, ending.... Finished goods inventory, beginning Finished goods inventory, ending Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
Answers
a) Raw materials inventory, beginning $190,000 Add: Purchase of raw materials $540,000 Less: Raw materials inventory, ending ($140,000) Raw materials inventory used $590,000 Add: Direct labor $335,000 Add: Applied Manufacturing Overheads $340,000 Total Manufacturing Costs $1,265,000 Add: Work in process inventory, beginning $150,000 Less: Work in process inventory, ending ($115,000) Cost of Goods Manufactured $1,300,000
b) Cost of Goods Manufactured $1,300,000 Add: Finished Goods Inventory, Beginning $140,000 Less: Finished Goods Inventory, ending ($175,000) Cost of Goods Sold $1,265,000 c) Sales $1,795,000 Less: Cost of Goods Sold ($1,265,000) Gross Profit Margin $530,000 Less: Selling Expenses ($210,000) Less: Administrative expenses ($225,000) Net Income $95,000
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