Hi, this is a question for my Cost Accounting course and was wondering if I could please get help...
1. Prepare a cost of goods manufacturing statement, a cost of goods sold statement and a manufacturing income statement for August 2017 for ACE Manufacturing, based on the following information:
Raw Materials purchaes $500,000
Sales $4,000,000
Factory depreciation $20,000
Beg. finished goods inventory $200,000
Indirect materials $20,000
Ending work in process inventory $100,000
Direct labor $300,000
Selling, General, Administrative expenses $1,000,000
Indirect materials $20,000
Beginning raw materials inventory $200,000
Factory insurance $10,000
Ending finished goods inventory $300,000
Factory utilities $30,000
Ending Raw materials inventory $100,000
Beginning raw materials inventory $200,000
Hi, this is a question for my Cost Accounting course and was wondering if I could please get help...
1. Prepare a cost of goods manufacturing statement, a cost of goods sold statement and a manufacturing income statement for August 2017 for ACE Manufacturing, based on the following information:
Raw Materials purchaes $500,000
Sales $4,000,000
Factory depreciation $20,000
Beg. finished goods inventory $200,000
Indirect materials $20,000
Ending work in process inventory $100,000
Direct labor $300,000
Selling, General, Administrative expenses $1,000,000
Indirect materials $20,000
Beginning raw materials inventory $200,000
Factory insurance $10,000
Ending finished goods inventory $300,000
Factory utilities $30,000
Ending Raw materials inventory $100,000
Beginning raw materials inventory $200,000
Related questions
Using the below financial statements, determine certainnumber of variable costs and a fixed costs for the month of Dec.2016 and calculate the following:
Breakeven point in units
Breakeven point in $S
Assume a target income and determine how many units you need tosell in order to make your target income.
LINDSEYâS LIP SETS
Schedule of Cost of Goods Manufactured
For the Year Ending December 31, 2016
Direct Materials: | |||
Beginning Raw Materials Inventory, Jan. 1 | $100,000 | ||
Plus: Net purchases of raw material | $200,000 | ||
Raw materials available | $300,000 | ||
Less: Ending raw materials inventory, Dec. 31 | $150,000 | ||
Raw materials transferred to production | $150,000 | ||
Direct Labor | $200,000 | ||
Manufacturing Overhead | |||
Indirect materials | $10,000 | ||
Indirectlabor | $45,000 | ||
FactoryDepreciation | $10,000 | $65,000 | |
Total manufacturing costs | $415,000 | ||
Beginning work in process inventory Jan.1 | $50,000 | ||
Cost of goods manufactured | $530,000 | ||
Less: Ending work in process inventory, Dec. 31 | $2,000 | ||
Cost of goods manufactured | $528,000 |
LINDSEYâS LIP SETS
Schedule of Cost of Goods Sold
For the Year Ending December 31 2016
Beginning finished goods inventory, Jan. 1 | $20,000 |
Plus: Cost of goods manufactured | $528,000 |
Goods available forsale | $548,000 |
Less: Finished goods inventory, Dec. 31 | $10,000 |
Cost of goodssold | $538,000 |
LINDSEYâS LIP SETS
Income Statement
For the Year Ending December 31 2016
Sales | $3,200,000 | ||
Cost of goods sold | $538,000 | ||
Gross profit | $2,662,000 | ||
Operating expenses | |||
Online shop selling | $24,000 | ||
General administrative | $10,000 | $34,000 | |
Net income | $2,628,000 |
Problem 2
Smith Carlson Corporation provided the following list of costdata to its manufacturing operations for the month of October20X5.
Beginning raw materials inventory | 2,416,000 |
Raw materials purchased (net) | 5,863,750 |
Ending raw materials inventory | 2,045,500 |
Direct labor costs | 805,750 |
Indirect materials | 313,750 |
Indirect labor | 222,250 |
Factory utilities and maintenance | 1,140,000 |
Factory depreciation | 141,500 |
Other factory relatedoverhead | 61,000 |
Beginning work in process | 1,942,500 |
Ending work in process | 1,792,500 |
Arrange the cost data into a statement of cost of goodsmanufactures.
If Smith Carlson Corporation cost of goods sold for the monthwas $10,000,000, how much was the increase or decrease in finishedgoods inventory for the month of October
WORKSHEET #2
a)
SMITH CARLSON CORPORATION | |||
SCHEDULE OF COST OF GOODS MANUFACTURED | |||
For the month ending October 31, 20X5 | |||
Direct materials: | |||
$ - | |||
- | |||
$ - | |||
- | |||
Raw materials transferred to production | $ - | ||
Direct labor | - | ||
Factory overhead | |||
$ - | |||
- | |||
- | |||
- | |||
- | - | ||
Total manufacturing costs | $ - | ||
- | |||
$ - | |||
- | |||
Cost of goods manufactured | $ - | ||
b)
