If possible please show the calculation. Need to answer questions. Thank you Cos
ID: 2605194 • Letter: I
Question
If possible please show the calculation. Need to answer questions.Thank you Cost of Goods Manufactured, Income Statement Norton Industries, a manufacturer of cable for heavy month. The statement of cost of goods sold for April 2010 follows: the at the end of each construction industry, closes its books and prepares financial NORTON INDUSTRIES Statement of Cost of Goods Sold For the Month Ended April 30, 2010 ($000 omitted Inventory of finished goods, March 31 Cost of goods manufactured $ 50 790 $840 247 $593 Cost of goods available for sale Less inventory of finished goods, April 30 Cost of goods sold Of the utilities, 80 percent relates to manufacturing the cable; the remaining 20 percent relates to th sales and administrative functions. All reit is for the office building. · Property taxes are assessed on the manufacturing plant. Of the insurance, 60 percent is related to manufacturing the cable; the remaining 40 percent is related tr the sales and administrative functions. Depreciation expense includes the following: Manufacturing plant Manufacturing equipment Office equipment $20,000 30,000 4,000 $54,000 The company manufactured 7,825 tons of cable during May 2019 ghe inventory balances at May 31, 2010, follow: Direct materials inventory $23,000 Work-in-process inventory $220,000 Finished goods inventory $175,000
Explanation / Answer
Direct materials inventory
$23,000
Work-in-Process inventory
$220,000
Finished goods inventory
$175,000
Depreciation expense includes the following:
Manufacturing plant
$20,000
Manufacturing equipment
$30,000
Office equipment
$4,000
$54,000
Norton Industries
Statement of Cost of Goods Manufactured
For the Month Ended May 31, 2007
($000) omitted
Direct Materials Used
Direct Materials Inventory, April 30
$28
Direct Materials Purchases
$510
Freight in
$15
Total Direct Materials Available
$553
Direct Materials Inventory, May 31
$23
Direct Materials Used
$530
Direct Labor-Wages
$260
Factory Overhead
Indirect factory labor
$90
Utilities
$108
Property taxes--Plant
$60
Insurance
$12
Depreciation
$50
Total Factory Overhead
$320
Total Manufacturing Cost Incurred During Year
$1,110
Work-in-Process Inventory, April 30
$150
Total Manufacturing Costs to Account for
$1,260
Work-in-Process Inventory, May 31
$220
Cost of Goods Manufactured
$1,040
Norton Industries
Income Statement
For the Month Ended May 31, 2007
($000) omitted
Sales Revenue
$1,488
Less: Sales Discounts
$20
Net Sales
$1,468
Cost of Goods Sold:
Finished Goods Inventory, April 30
$247
Cost of Goods Manufactured
$1,040
Total Goods Available for Sale
$1,287
Finished Goods Inventory, May 31
$175
Cost of Goods Sold
$1,112
Gross Margin
$356
General, Selling, & Administrative Expense:
Office Salaries
$122
Sales Salaries
$42
Insurance
$8
Utilities
$27
Rent
$9
Depreciation
$4
Interest
$6
Total General, Selling, & Administrative Expense
$218
Income from operations
$138
Other revenue
$2
Net Income
$140
You can ascertain the amounts from above solutions as all the information is clearly mentioned in solution
1-
Direct Materials Inventory, May 31
$23
2-$220
Total Manufacturing Costs to Account for
Work-in-Process Inventory, May 31
3-
Cost of Goods Manufactured
$1,040
please comment if you have any issues before providing feedback thank you:)
Direct materials inventory
$23,000
Work-in-Process inventory
$220,000
Finished goods inventory
$175,000
Depreciation expense includes the following:
Manufacturing plant
$20,000
Manufacturing equipment
$30,000
Office equipment
$4,000
$54,000
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