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Statement Elements for a Company Manufacturing

Following are accountig records for xx company
Raw material purchases.......350,000
Direct labour....508,000
Indirect labour....218,000
Selling and admin salaries....266,000
Building depriciation...160,000
Other selling and admin exp....380,000
Other factory costs...688,000
Sales revenue (260$ per unit).....2,990,000
75% of company building was used to production acctivities, 25% for selling and admin.
Inventory data. Jan 1. Dec 31
Raw material. 31,600. 26,400
Work in progress. 71,400. 124,200
Finished goods. 222,200. 195,800
Jan 1 and Dec 31 finished goods inventory consisted of 1,350 units and 1,190 units respectively
1. Calculate company manufacturing overhead for the year
2. Calculate comp cost of goods manufactured
3. Compute comp cost of goods sold
4. Determine net income assuming 40% tax rate
Determine number of comleted units manufactured during the year
6. Build spreadsheet- how the solution will change if indirect labour is 221,000 and factory cost 679,000

Solution Summary

Statement elements for a company manufacturing are examined. The comp cost of goods sold are computed.