Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
Information on January 1 (Beginning): Direct materials inventory $ 89 Work-in-process inventory 118 Finished goods inventory 1,610 Information for the year: Administrative costs $ 3,630 Direct labor 12,200 Direct materials purchases 8,220 Factory and machine depreciation 11,730 Factory supervision 747 Factory utilities 947 Indirect factory labor 2,940 Indirect materials and supplies 678 Marketing costs 1,510 Property taxes on factory 277 Sales revenue 45,500 Information on December 31 (Ending): Direct materials inventory $ 99 Work-in-process inventory 140 Finished goods inventory 1,430
Required:
Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)
YOLO WINDOWS Income Statement For the Year Ended December 31 ($000)
? ? ? ? ? ? ? ? ? ? ? ? Total marketing and administration cost ? ?
YOLO WINDOWS Statements of Cost of Good Sold For the Year Ended December 31 ($000)
? ? Manufacturing cost: Direct Material: ? ? ? ? ? ? ? ? ? ? ? ? ? Manufacturing overhead: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Total Manufacturing overhead 0 Total manufacturing costs ? Total cost of work in process during the year ? ? ? Cost of goods manufactured during the year ? ? ? ? ? ? ? cost of goods sold ?
Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars):
| Information on January 1 (Beginning): | |||
| Direct materials inventory | $ | 89 | |
| Work-in-process inventory | 118 | ||
| Finished goods inventory | 1,610 | ||
| Information for the year: | |||
| Administrative costs | $ | 3,630 | |
| Direct labor | 12,200 | ||
| Direct materials purchases | 8,220 | ||
| Factory and machine depreciation | 11,730 | ||
| Factory supervision | 747 | ||
| Factory utilities | 947 | ||
| Indirect factory labor | 2,940 | ||
| Indirect materials and supplies | 678 | ||
| Marketing costs | 1,510 | ||
| Property taxes on factory | 277 | ||
| Sales revenue | 45,500 | ||
| Information on December 31 (Ending): | |||
| Direct materials inventory | $ | 99 | |
| Work-in-process inventory | 140 | ||
| Finished goods inventory | 1,430 | ||
Required:
Prepare an income statement with a supporting cost of goods sold statement. (Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234).)
| YOLO WINDOWS |
|---|
| Income Statement |
| For the Year Ended December 31 |
| ($000) |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| ? | ? | |
| Total marketing and administration cost | ||
| ? | ? |
| YOLO WINDOWS |
| Statements of Cost of Good Sold |
| For the Year Ended December 31 |
| ($000) |
| ? | ? | ||
| Manufacturing cost: | |||
| Direct Material: | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| Manufacturing overhead: | |||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| Total Manufacturing overhead | 0 | ||
| Total manufacturing costs | ? | ||
| Total cost of work in process during the year | ? | ||
| ? | ? | ||
| Cost of goods manufactured during the year | ? | ||
| ? | ? | ||
| ? | ? | ||
| ? | ? | ||
| cost of goods sold | ? |
Related questions
Required information
[The following information applies to the questions displayed below.]
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories
| Beginning Inventory | Ending Inventory | |||||
| Raw materials inventory | $ | 65,000 | $ | 77,000 | ||
| Work in process inventory | 441,500 | 555,000 | ||||
| Finished goods inventory | 632,000 | 517,000 | ||||
The following additional information describes the company's production activities for May.
| Raw materials purchases (on credit) | $ | 250,000 | |
| Factory wages cost (paid in cash) | 1,562,000 | ||
| Other overhead cost (Other Accounts credited) | 38,000 | ||
| Materials used | |||
| Direct | $ | 158,000 | |
| Indirect | 80,000 | ||
| Labor used | |||
| Direct | $ | 800,000 | |
| Indirect | 762,000 | ||
| Overhead rate as a percent of direct labor | 110 | % | |
| Sales (on credit) | $ | 3,500,000 | |
The predetermined overhead rate was computed at the beginning of the year as 110% of direct labor cost.
1. Compute the cost of products transferred from production to finished goods and cost of goods sold.
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The administrative offices and manufacturing plant of Billings Tool& Die share the same building. The following information (in$000s) appears in the accounting records for last year:
| Administrative costs | $ | 1,658 | |
| Building andmachine depreciation (75% of this amount is for factory) | 900 | ||
| Buildingutilities (90% of this amount is for factory) | 1,310 | ||
| Directlabor | 845 | ||
| Directmaterials inventory, December 31 | 14 | ||
| Directmaterials inventory, January 1 | 10 | ||
| Directmaterials purchases | 3,630 | ||
| Factorysupervision | 481 | ||
| Finished goodsinventory, December 31 | 69 | ||
| Finished goodsinventory, January 1 | 55 | ||
| Indirectfactory labor | 915 | ||
| Indirectmaterials and supplies | 679 | ||
| Marketingcosts | 879 | ||
| Property taxeson building (85% of this amount is for factory) | 800 | ||
| Salesrevenue | 12,916 | ||
| Work-in-process inventory, December 31 | 25 | ||
| Work-in-process inventory, January 1 | 32 | ||
Required:
Prepare an income statement with a supporting cost of goods soldstatement. (Enter your answersin thousands of dollars (i.e., 234,000 should be entered as234).)
Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1
[The following information applies to the questions displayed below.]
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.
| Advertising expense | $ | 34,300 | Direct labor | $ | 674,200 | ||
| Depreciation expenseâOffice equipment | 9,800 | Income taxes expense | 289,900 | ||||
| Depreciation expenseâSelling equipment | 9,800 | Indirect labor | 56,000 | ||||
| Depreciation expenseâFactory equipment | 35,300 | Miscellaneous production costs | 10,900 | ||||
| Factory supervision | 131,500 | Office salaries expense | 74,000 | ||||
| Factory supplies used | 8,400 | Raw materials purchases | 930,000 | ||||
| Factory utilities | 40,000 | Rent expenseâOffice space | 25,000 | ||||
| Inventories | Rent expenseâSelling space | 29,200 | |||||
| Raw materials, December 31, 2016 | 167,600 | Rent expenseâFactory building | 82,400 | ||||
| Raw materials, December 31, 2017 | 185,000 | Maintenance expenseâFactory equipment | 38,400 | ||||
| Work in process, December 31, 2016 | 17,000 | Sales | 4,466,700 | ||||
| Work in process, December 31, 2017 | 23,200 | Sales salaries expense | 396,600 | ||||
| Finished goods, December 31, 2016 | 162,900 | ||||||
| Finished goods, December 31, 2017 | 141,200 | ||||||
Problem 18-3A Part 2
2. Prepare the companyâs 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.
