2. Describe the purpose of each of the following cost accountingrecords or reports in details:
Work-in-process and finished goods inventory accounts
Bill of materials
Variance reports
Routing slips
2. Describe the purpose of each of the following cost accountingrecords or reports in details:
Work-in-process and finished goods inventory accounts
Bill of materials
Variance reports
Routing slips
Related questions
Cook Co. reports the following information for 2015:
Sandpaper | $10,000 | Direct labor | $680,000 |
Small tools | 100,000 | Materials inventory, Jan 1 | 120,000 |
Coolants & lubricants | 7,000 | Materials inventory, Dec 31 | 86,000 |
Machine helpers' salaries | 86,000 | Materials purchased | 980,000 |
Finished goods, Jan 1 | 10,000 | Sales | 4,000,000 |
Finished goods, Dec 31 | 400,000 | Work-in-process, Jan 1 | 30,000 |
Leasing costs, plant | 120,000 | Work-in-process, Dec 31 | 20,000 |
Depreciation, plant | 70,000 | Sales Commissions | 200,000 |
Property taxes, equipment | 10,000 | Insurance, factory equipment | 5,000 |
Sales salaries | 180,000 | Advertising costs | 150,000 |
Office administration costs | 250,000 | Units completed | 82,000 |
Determine the following for Cook Co. for2015:
Cost of DM used
Total Manufacturing Cost
Cost of Goods Manufactured
Cost of Goods Sold
Gross Margin
Operating Expenses
Net Income (Loss) (assuming a 30% tax bracket)
Unit Cost
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 | ? |
