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Manufacturing Statement and Income Statement

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Attached find 4 questions I did not do well on, need to get correct work and show how results were achieved.

EXERCISE 18-13
Given the following selected account balances of Randa Company, prepare its manufacturing statement in proper form for the year ended on December 31, 2005. Include a listing of the individual overhead account balances in this statement

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,252,000
Raw materials inventory, Dec. 31, 2004 . . . . . . . . . . 39,000
Goods in process inventory, Dec. 31, 2004 . . . . . . . 55,900
Finished goods inventory, Dec. 31, 2004 . . . . . . . . . . 64,750
Raw materials purchases . . . . . . . . . . . . . . . . . . . . . 177,600
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,000
Factory computer supplies used . . . . . . . . . . . . . . . 19,840
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000
Repairs?Factory equipment . . . . . . . . . . . . . . . . . 7,250
Rent cost of factory building . . . . . . . . . . . . . . . . . . 59,000
Advertising expenses . . . . . . . . . . . . . . . . . . . . . . . 96,000
General and administrative expenses . . . . . . . . . . . . 131,300
Raw materials inventory, Dec. 31, 2005 . . . . . . . . . . 44,700
Goods in process inventory, Dec. 31, 2005 . . . . . . . 43,500
Finished goods inventory, Dec. 31, 2005 . . . . . . . . . . 69,300

Check Cost of goods manufactured,
$546,390

PROBLEM 18-2A
A trip through a drive-up window of any leading fast-food restaurant is useful in understanding concepts such as total quality management (TQM), just-in-time (JIT), and continuous improvement (CI). Each restaurant can be viewed as a small manufacturing center. List two fast-food restaurants you are familiar with in the first column of the following table (e.g., McDonald's, Taco Bell, Burger King, and KFC). Record in the table how each company is putting each of these lean business concepts into
action, both favorably and unfavorably.

Restaurant TQM JIT CI
1.
2.
Required
Discuss the potential contributions and responsibilities of the managerial accounting professional in
helping an automobile manufacturer succeed. (Hint: Think about information and estimates that a
managerial accountant might provide new entrants into the sports utility market.)

EXERCISE 18-5
Following are three separate events affecting the managerial accounting systems for different companies.
Match the management concept(s) that the company is likely to adopt for the event identified.
There is some overlap in the meaning of customer orientation and total quality management and, therefore, some responses can include more than one concept.
Event Management Concept
_______ 1. The company starts measuring inventory a. Total quality management (TQM)
turnover and discontinues elaborate
inventory records. Its new focus is b. Just-in-time (JIT) system
to pull inventory through the system.
_______ 2. The company starts reporting measures c. Continuous improvement (CI)
on customer complaints and product
returns from customers. d. Customer orientation (CO)
_______ 3. The company starts reporting measures
such as the percent of defective products
and the number of units scrapped.

PROBLEM 18-8A
The following calendar year-end information is taken from the December 31, 2005, adjusted trial balance and other records of Plaza Company.
Advertising expense . . . . . . . . . . . . . . . . . $ 30,750 Direct labor . . . . . . . 677,480
Depreciation expense?Office equipment .. 9,250 Income taxes expense 235,725
Depreciation expense?Selling equipment . . 10,600 Indirect labor . . . . .58,875
Depreciation expense?Factory equipment . 35,550 Miscellaneous production costs . . . 10,425
Factory supervision . . . . . . . . . . . . . . 104,6000 Office salaries expense . .. . . . . . . . . 65,000
Factory supplies used . . . . . . . . . . . . . . . . . . 9,350 Raw materials purchases . . . . . 927,000
Factory utilities . . . . . . . . . . . . . . . . . . 35,000 Rent expense?Office space . . . . 24,000
Inventories Rent expense?Selling space . . . 28,100
Raw materials, December 31, 2004 . . . . . 168,850 Rent expense?Factory building . . 78,800
Raw materials, December 31, 2005 . . . . 184,000 Maintenance expense?Factory equipment . 37,400
Goods in process, December 31, 2004 . . . .17,700 Sales .. . . . . . . . . . . . . . . . . . 4,527,000
Goods in process, December 31, 2005 . . . . . ,380 Sales discounts . . . . . . . . . . . . . . 64,500
Finished goods, D ecember 31, 2004 . .169,350 Sales salaries expense .394,560
Finished goods, December 31, 2005 . 138,490

Required
1. Prepare the company's 2005 manufacturing statement.
2. Prepare the company's 2005 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.
Analysis Component
3. Compute the (a) inventory turnover and (b) days' sales in inventory for both its raw materials inventory and its finished goods inventory (see Chapter 6). Discuss some possible reasons for differences between these ratios for the two types of inventories.

Check (1) Cost of goods
manufactured, $1,955,650

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https://brainmass.com/business/just-in-time/manufacturing-statement-and-income-statement-167172

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EXERCISE 18-13
Given the following selected account balances of Randa Company, prepare its manufacturing statement
in proper form for the year ended on December 31, 2005. Include a listing of the individual
overhead account balances in this statement

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,252,000
Raw materials inventory, Dec. 31, 2004 . . . . . . . . . . 39,000
Goods in process inventory, Dec. 31, 2004 . . . . . . . 55,900
Finished goods inventory, Dec. 31, 2004 . . . . . . . . . . 64,750
Raw materials purchases . . . . . . . . . . . . . . . . . . . . . 177,600
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,000
Factory computer supplies used . . . . . . . . . . . . . . . 19,840
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000
Repairs?Factory equipment . . . . . . . . . . . . . . . . . 7,250
Rent cost of factory building . . . . . . . . . . . . . . . . . . 59,000
Advertising expenses . . . . . . . . . . . . . . . . . . . . . . . 96,000
General and administrative expenses . . . . . . . . . . . . 131,300
Raw materials inventory, Dec. 31, 2005 . . . . . . . . . . 44,700
Goods in process inventory, Dec. 31, 2005 . . . . . . . 43,500
Finished goods inventory, Dec. 31, 2005 . . . . . . . . . . 69,300

Check Cost of goods manufactured,
$546,390

RANDA COMPANY
Manufacturing Statement
For Year Ended December 31, 2005
Direct materials
Raw materials inventory, December 31, 2004 $ 39,000
Raw materials purchases 177,600
Raw materials available for use 216,600
Less raw materials inventory, December 31, 2005 44,700
Direct materials used $171,900
Direct labor 227,000
Factory overhead
Factory computer supplies used 19,840
Indirect labor 49,000
Repairs?Factory equipment 7,250
Rent cost of factory building 59,000
Total factory overhead costs 135,090
Total manufacturing costs 533,990
Goods in process inventory, December 31, 2004 55,900
Total cost of goods in process 589,890
Less goods in process inventory, December 31, 2005 43,500
Cost of goods manufactured $546,390

PROBLEM 18-2A
A trip through a drive-up window of any leading fast-food restaurant is useful in understanding concepts such as total quality management (TQM), just-in-time (JIT), and continuous improvement (CI). Each restaurant can be viewed as a small manufacturing center. List two fast-food restaurants you are familiar with in the first column of the following table (e.g., McDonald's, Taco Bell, Burger King, and ...

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Develop a master budget in excel - Harrison Company

PROJECT ONE HARRISON COMPANY BUDGET INSTRUCTIONS

Below you will find the data for Project One. You will be completing budgets and schedules for the firm's first quarter of operations in the year 20XY. Do all schedules and budgets showing the three months of January-March and a Total column, except for the balance sheet. Your budgets and schedules should include the following:

1. Sales budget and Schedule of Sales Cash Collections (Note - for Sales, Production and Direct Materials budgets you may need projections for April and May.)
2. Production budget
3. Direct Materials budget and Schedule of Cash Disbursements for Materials
4. Ending Raw Materials Inventory budget
5. Direct Labor budget and Schedule of Cash Disbursements for Direct Labor
6. Total Fixed and Variable Manufacturing Overhead budget and Schedule of Cash Disbursements for Overhead, and Unit Costs for Overhead
7. Ending Finished Goods Inventory budget
8. Cost Goods Manufactured and Cost of Goods Sold budgets
9. Fixed and Variable Selling and Administrative Expense budget and Schedule of Cash Disbursements for S & A Expenses
10. Schedule of Other Collections and Disbursements not included in budgets or schedules above, or other data in additional data (see below)
11. Cash budget
I suggest you do one month at a time to figure financing needs, repayments of principal, interest and ending cash balance; if financing is needed see additional data on financing.
12. Budgeted Income Statement
You will need to go back and forth between the cash budget and income statement to figure interest expense.
13. Budgeted Balance Sheet for March 31, 20XY
Just show the balance sheet for the end of the quarter not for each month.

Additional Data:
PROJECT ONE HARRISON COMPANY BUDGET INSTRUCTIONS

Below you will find the data for Project One. You will be completing budgets and schedules for the firm's first quarter of operations in the year 20XY. Do all schedules and budgets showing the three months of January-March and a Total column, except for the balance sheet. Your budgets and schedules should include the following:

1. Sales budget and Schedule of Sales Cash Collections (Note - for Sales, Production and Direct Materials budgets you may need projections for April and May.)
2. Production budget
3. Direct Materials budget and Schedule of Cash Disbursements for Materials
4. Ending Raw Materials Inventory budget
5. Direct Labor budget and Schedule of Cash Disbursements for Direct Labor
6. Total Fixed and Variable Manufacturing Overhead budget and Schedule of Cash Disbursements for Overhead, and Unit Costs for Overhead
7. Ending Finished Goods Inventory budget
8. Cost Goods Manufactured and Cost of Goods Sold budgets
9. Fixed and Variable Selling and Administrative Expense budget and Schedule of Cash Disbursements for S & A Expenses
10. Schedule of Other Collections and Disbursements not included in budgets or schedules above, or other data in additional data (see below)
11. Cash budget
I suggest you do one month at a time to figure financing needs, repayments of principal, interest and ending cash balance; if financing is needed see additional data on financing.
12. Budgeted Income Statement
You will need to go back and forth between the cash budget and income statement to figure interest expense.
13. Budgeted Balance Sheet for March 31, 20XY
Just show the balance sheet for the end of the quarter not for each month.

Additional Data:

? The firm will sell fully depreciated equipment for a $5,000 (thus a gain of $5,000 as well as a cash flow); the equipment originally cost $50,000.
? The firm will acquire new equipment at the end of March for $100,000.00.
? The firm has a line of credit with the bank to finance deficits in cash flow. It can borrow in increments of $10,000. Borrowing is always made at the end of the month in which money is needed. It must pay any interest due at the end of each month. The bank accrues 12% annual interest (1% interest per month). Repayments of any loans are made at the end of the month and can be any amount for which the firm has excess cash; but the firm must maintain a minimum cash balance of $50,000.00.
? Note - interest and income tax expense will have to be computed each month, before moving to the next month. Interest will have to be computed in doing the cash budget, and taxes when doing the income statement.

? The firm will sell fully depreciated equipment for a $5,000 (thus a gain of $5,000 as well as a cash flow); the equipment originally cost $50,000.
? The firm will acquire new equipment at the end of March for $100,000.00.
? The firm has a line of credit with the bank to finance deficits in cash flow. It can borrow in increments of $10,000. Borrowing is always made at the end of the month in which money is needed. It must pay any interest due at the end of each month. The bank accrues 12% annual interest (1% interest per month). Repayments of any loans are made at the end of the month and can be any amount for which the firm has excess cash; but the firm must maintain a minimum cash balance of $50,000.00.
? Note - interest and income tax expense will have to be computed each month, before moving to the next month. Interest will have to be computed in doing the cash budget, and taxes when doing the income statement.

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