ezto.mheducation.com/ nm.tpxr__o. \'ou. 2050. S4,605,700 ales Cost of goods sold
ID: 2579731 • Letter: E
Question
ezto.mheducation.com/ nm.tpxr__o. 'ou. 2050. S4,605,700 ales Cost of goods sold 161,000 Finished goods inventory, December 31, 2014 Cost of goods manufactured 161,000 Goods available for sale Less: Finished goods inventory, December 31, 2015 Cost of goods sold (138,700) 22,300 4,583.400 Gross profit from sales Selling expenses Advertising expense Depreciation expense-Selling equipment Rent expense-Selling space Sales salaries expense 29.200 10.200 27.500 396,300 Total selling expenses 463.200 General and administrative expenses Rent expense-Office space Depreciation expense-Office equipment Office salaries expense 7,600 75.000 Total geners: and administrative expenses Total operating expenses 102.600 before taxes ncome taxes expense Net noome 4 017 800 247,800 3.769.800 SExplanation / Answer
Answer:
1
Schedule of Cost of goods manufactured
For the year ended December 31,2015
Particulars
Details
Amount($)
Direct Materials
Raw materials Inventory, Dec 31,2014.
161300
Raw materials purchase
938000
Raw materials available for use
1099300
Less: Raw materials Inventory, Dec 31,2015
-181000
Direct Materials Used
918300
Direct Labor
678200
Factory Overheads
Factory supplies used
9900
Factory Utilities
43000
Indirect Labor
56200
Factory Supervision
140700
Depreciation Expense-Factory Equipment
31600
Rent Expense- Factory Building
79400
miscellaneous production costs
10,000
Maintenance Expense-Factory Equipment
39100
Total Factory Overhead Cost
409900
Total Manufacturing Cost
2006400
Add: Working in progress inventory, Dec 31,2014
18800
Total cost of work in progress
2025200
Less: Working in progress inventory, Dec 31,2015
-19800
Cost of Goods Manufactured
2005400
________________________________________________
2
Income Statement
For the year ended December 31,2015
Particulars
Details
Amount($)
Sales
4605700
Less:
Cost of Goods Sold
Finished Goods, December 31,2014
2005400
Add: Cost of Goods Manufactured
161000
Goods available for sale
2166400
Less: Finished Goods, Dec 31,2015
-138700
Cost of Goods Sold
2027700
Less: Cost of Goods Sold
-2027700
Gross Profit (A)
2578000
Operating Expenses
Selling Expenses
Advertising Expenses
29200
Depreciation Expense-Selling Equipment
10200
Rent Expense-Selling space
27500
Sales Salaries expense
396300
Total Selling expense
463200
Genenral Administration Expense
Depreciation Expense - Office Equipment
7600
Office Salaries Expense
75000
Rent Expense- Office Space
20,000
Total General and Administration expense
102600
Total Operating Expense (B)
565800
Income before Tax(A-B)
2012200
Less: Income tax
-247800
Net Income
1764400
Schedule of Cost of goods manufactured
For the year ended December 31,2015
Particulars
Details
Amount($)
Direct Materials
Raw materials Inventory, Dec 31,2014.
161300
Raw materials purchase
938000
Raw materials available for use
1099300
Less: Raw materials Inventory, Dec 31,2015
-181000
Direct Materials Used
918300
Direct Labor
678200
Factory Overheads
Factory supplies used
9900
Factory Utilities
43000
Indirect Labor
56200
Factory Supervision
140700
Depreciation Expense-Factory Equipment
31600
Rent Expense- Factory Building
79400
miscellaneous production costs
10,000
Maintenance Expense-Factory Equipment
39100
Total Factory Overhead Cost
409900
Total Manufacturing Cost
2006400
Add: Working in progress inventory, Dec 31,2014
18800
Total cost of work in progress
2025200
Less: Working in progress inventory, Dec 31,2015
-19800
Cost of Goods Manufactured
2005400
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