Sales revenue. $950,000 Work-in-process inventory, December 31. 30,000 Work-in-process inventory, January 1 40,000 Selling and administrative expenses. 150,000 Income tax expense. 90,000 Purchases of raw material 180,000 Raw-material inventory, December 31. Raw-material inventory, January 1 Direct labor. Utilities: plant. 25,000 40,000 200,000 40,000 Depreciation: plant and equipment.. 60,000 Finished-goods inventory, December 31 . 50,000 Finished-goods inventory, January 1 20,000 Indirect material.. 10,000 Indirect labor. 15,000 Other manufacturing overhead.. 80,000
Sales revenue. $950,000 Work-in-process inventory, December 31. 30,000 Work-in-process inventory, January 1 40,000 Selling and administrative expenses. 150,000 Income tax expense. 90,000 Purchases of raw material 180,000 Raw-material inventory, December 31. Raw-material inventory, January 1 Direct labor. Utilities: plant. 25,000 40,000 200,000 40,000 Depreciation: plant and equipment.. 60,000 Finished-goods inventory, December 31 . 50,000 Finished-goods inventory, January 1 20,000 Indirect material.. 10,000 Indirect labor. 15,000 Other manufacturing overhead.. 80,000
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...
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The following data refer to San Fernando Fashions Company for the year 20x2:
2. Cost of goods sold: $580,000
Required:
1. Prepare San Fernando Fashions’ schedule of cost of goods manufactured for the year.
2. Prepare San Fernando Fashions’ schedule of cost of goods sold for the year.
3. Prepare San Fernando Fashions’ income statement for the year.
4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if raw-material purchases amounted to $190,000 and indirect labor was $20,000.
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