Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 Raw material $ 50,000 Work in process Finished goods 120,000 150,000 Indirect material Indirect labor During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other December 31, 20x1 $ 70,000 115,000 165,000 $ 12,000 26,000 100,000 24,000 30,000 Sales revenue was $1,107,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 Raw material $ 50,000 Work in process Finished goods 120,000 150,000 Indirect material Indirect labor During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other December 31, 20x1 $ 70,000 115,000 165,000 $ 12,000 26,000 100,000 24,000 30,000 Sales revenue was $1,107,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods Indirect material Indirect labor January 1, 20x1 $ 60,000 120,000 150,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other 3. Prepare an income statement. $10,000 25,000 100,000 25,000 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 December 31, 20x1 $ 70,000 115,000 165,000 Prey S 4 of 9 ‒‒‒ Next >
! Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170, 000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities 24 12,000 26,000 100,000 26, 000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 7. of 9 Next > < Prev 6.
Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material January 1, 20x1 $ 60,000 December 31, 20x1 $ 70,000 Work in process Finished goods 120,000 150,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 10,000 25,000 Indirect material Indirect labor Depreciation on plant and equipment 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. * Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Sales revenue O$ 1,105,000 O Less: Cost of goods sold…
Smith Manufacturing purchased on account $53,000 of direct materials and $9,000 of indirect materials. Which of the following journal entries would correctly record the transaction? A. Accounts Payable 62,000 Raw Materials Inventory 62,000 B. Raw Materials Inventory 62,000 Accounts Payable 62,000 C. Raw Materials Inventory 62,000 Finished Goods Inventory 53,000 Work−in−Process Inventory 9,000 D. Work−in−Process Inventory 53,000 Manufacturing Overhead 9,000 Raw Materials Inventory 62,000
The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500 Direct materials inventory, end of the year $3,000 Direct materials purchased during the year $45,000 Calculate the amount of direct materials used during the year. Select one: a. $36 500 Ob. $53 500 OC. $42 500 Ⓒd. $47 500
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. January 1, 20x1 $ 60,000. 120,000. Inventory Classificatlon December 31, 20x1 Raw material. $ 70,000 Work in process 115,000 Finished goods 150,000 . 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 10,000 Indirect labor 25,000 Depreciation on plant and equipment . 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Requlred: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement. 4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income…
Related data of Dindi Company: Beginning balances Raw Materials Inventory P96,000 Work in process inventory 240,000 Finished goods inventory 269,000 (700 units) The entity uses the perpetual inventory system. The weighted average method is used to determine the cost of goods sold. Transactions during the year: 1. The entity…
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process January 1, 20x1 $ 60,000 December 31, 20x1 $ 70,000 115,000 120,000 Finished goods 150,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 10,000 Indirect labor 25,000 Depreciation on plant and equipment 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured. O Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 60,000 O Add: Purchases of raw material 250,000 O…
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 Work in process 120,000 115,000 Finished goods 160,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 11,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm’s tax rate is 40 percent. EX 2-29 (Algo) Part 2: Prepare a schedule of cost of goods sold. 2. Prepare a schedule of cost of goods sold.
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material January 1, 20x1 $ 60,000 120,000 150,000 December 31, 20x1 $ 70,000 115,000 165,000 Work in process Finished goods During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 10,000 25,000 100,000 25,000 30,000 Indirect material Indirect labor Depreciation on plant and equipment Utilities Other Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
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