ADMS 2500 Study Guide - Profit Margin
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Schedule of Cost of Goods Manufactured
Kelowna Plumbing Supplies shows the following data related toits December 31, 2017 fiscal year:
Raw materials inventory, January 1,2017 | $5,000 |
Raw materials inventory, December 31,2017 | 8,000 |
Work in process inventory, January 1,2017 | 23,000 |
Work in process inventory, December 31,2017 | 21,000 |
Finished goods inventory, January 1,2017 | 16,000 |
Finished goods inventory, December 31,2017 | 10,000 |
Advertising | 56,000 |
Factory supervisor's salary | 42,000 |
Company president's salary | 85,000 |
Property taxes - factory | 25,000 |
Depreciation - factory | 35,000 |
Factory maintenance | 7,000 |
Sales commissions | 32,000 |
Depreciation - office | 2,000 |
Utilities expense - factory | 23,000 |
Utilities expense - office | 11000 |
Purchases of raw materials | 148,000 |
Direct labour | 160,000 |
Required:
Based on the information above, prepare a schedule of cost ofgoods manufactured.
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)
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 expense—Office equipment | 9,800 | Income taxes expense | 289,900 | ||||
Depreciation expense—Selling equipment | 9,800 | Indirect labor | 56,000 | ||||
Depreciation expense—Factory 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 expense—Office space | 25,000 | ||||
Inventories | Rent expense—Selling space | 29,200 | |||||
Raw materials, December 31, 2016 | 167,600 | Rent expense—Factory building | 82,400 | ||||
Raw materials, December 31, 2017 | 185,000 | Maintenance expense—Factory 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 company’s 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.