Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Aug 2017 My Price 13.00

Alhambra Aluminum Company

Alhambra Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.


■         

 

 

Inventory Classification

 

Raw material . . . . . . . . . . . . . . . . . . . . .

January 1, 20x1

 

$ 55,000 . . . . . . . . . . . .

December 31, 20x1

 

$ 75,000

 

Work in process . . . . . . . . . . . . . . . . . . .

110,000 . . . . . . . . . . . .

125,000

 

Finished goods . . . . . . . . . . . . . . . . . . . .

160,000 . . . . . . . . . . . .

155,000

 

 

During 20x1, the company purchased $240,000 of raw material and spent $420,000 for direct labor. Manufacturing overhead costs were as follows:

 

Indirect material . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 12,000

Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,000

Depreciation on plant and equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,000

Utilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23,000

Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,000

Sales revenue was $1,210,000 for the year. Selling and administrative expenses for the year amounted to

$105,000. The firm’s tax rate is 35 percent.

 

Required:

1.      Prepare a schedule of cost of goods manufactured.

2.      Prepare a schedule of cost of goods sold.

3.      Prepare an income statement.

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 the following data change: direct labor is $410,000 and utilities cost $24,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 09:08 AM My Price 13.00

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