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Cost of goods made, work in process

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Please see attached file for the problem

Problem I

First, inc. Has the following account balances at the end of march, 2001

Administrative expenses $ 53,000
Direct labor 56,000
Direct material beg. Inv. 12,000
Direct material end. Inv. 10,000
Direct material purchases 55,000
Finished goods beg. Inv. 36,000
Finished goods end. Inv. 32,000
Manufacturing overhead 38,000
Sales revenue 500,000
Selling expenses 8,000
Work in process beg. Inv. 10,000
Work in process end. Inv. 12,000

Required: (show all work for this problem on work sheet provided on page 2).

1. Total materials put into production.

2. Total production costs.
(manufacturing costs incurred)

3. Cost of goods manufactured.

4. Cost of goods sold.

5. Gross profit.

6. Operating expenses.

7. Net income.

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Solution Summary

This solution is given in Excel. All calculations are given, with comments given when you hover over the cells. The formulas are also in the cells. An income statement is created for you so you can answer all the inquiries.

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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