week 6 E2-29 - Exercise 2-29 Schedules of Cost of Goods...

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Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 1, 3, 6) 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 $ 60,000 $ 70,000 Work in process 120,000 115,000 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
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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 $110,000. The firm's tax rate is 40 percent. Requirement 1: Prepare a schedule of cost of goods manufactured. (Omit the "$" sign in your response.) 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 Add : Purchases of raw material
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This note was uploaded on 03/30/2010 for the course COB ACCY 202 taught by Professor Shapland during the Spring '10 term at University of Illinois, Urbana Champaign.

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week 6 E2-29 - Exercise 2-29 Schedules of Cost of Goods...

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