Managerial Project Other than the organizational chart, all other answers must b

Question

Managerial Project Other than the organizational chart, all other answers must be typed. Make sure you include your name and the name of the company you are assigned on your submission. Assignments are due Tuesday, March 20th-no extensions. Follow the instructions below for each section. Instructions for Part 1 (Chapter 14) (a) Based on the information given, construct an organizational chart for your company. (b) A list of accounts and their values are given. From this information, prepare a cost of goods manufactured schedule, a cost of goods sold schedule, an income statement, and the current assets section of the balance sheet for your company for the month of November 2016. (use proper format, including headings) Instructions for Part 2 (Chapter 15)

Explanation / Answer

COST OF GOODS MANUFACTURED Raw material inventory , October 31 38000 Add: Raw material purchases 185500 Raw material available for use 223500 Less: Raw material inventory , November 30 52700 Raw material used for production 170800 Direct labor 42500 Factory overhead: Depreciation - factory equipment 16800 Factory supplies 16700 Factory utilities 11200 Indirect labor 48000 Rent - factory equipment 47000 Repairs - factory equipment 7500 Total factory overhead 147200 Total manufacturing cost 360500 Add: Work-in-process , October 31 50700 Total cost 411200 Less: Work-in-process , November 30 42000 Cost of goods manufactured 369200 COST OF GOODS SOLD Cost of goods manufactured 369200 Add: Finished goods inventory , October 31 71000 Finished goods avaialable for sale 440200 Less: Finished goods inventory . November 30 68800 Cost goods sold 371400 INCOME STATEMENT for the month ending November 30 Sales 1475000 Less: Cost of goods sold 371400 Gross Profit 1103600 Less: Selling and administrative expenses               Selling Expenses                Advertising Expenses 33000                Sales commissions 40500              Total Selling expenses 73500               Administrative Expenses                Salaries for office workers 320000                Other administrative expenses 72000                Office suplies expense 1600                  Total administrative expenses 393600 Total selling andadministrative expenses 467100 Net operating income 636500 BALANCE SHEET (CURRENT ASSET SECTION) Current Assets: Cash 220000 Accounts Receivable 175000 Raw material inventory 52700 Work-in-process inventory 42000 Finished goods inventory 68800 Prepaid Expenses 47250 Total current assets 605750

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