Chap 2 sol - Prob 2-41 San Fernando Fashions Company...

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Prob 2-36 Lone Oak Products Manufacturing Overhead Indirect Labor 109000 Building Depreciation 60000 Other factory costs 344000 513000 COGM Direct Material Raw material inventory- Jan 1 15800 Add: Purchases 175000 190800 Less: RM inventory - Dec 31 18200 RM consumed 172600 Direct Labor 254000 Manufacturing overhead 513000 Total manufacturing costs 939600 Add : Work in Progress inventory Jan 1 35700 975300 Less : Work in Progress inventory Dec 31 62100 Cost of Goods Manufactured 913200 COGS Finished goods inventory Jan 1 111100 Add : Cost of Goods Manufactured 913200 Goods available for sale 1024300 Less : Finished goods inventory Dec 31 97900 Cost of goods sold 926400 Net Income Sales Revenue 1495000 Less : Cost of goods sold 926400 Gross profit 568600 Less : Selling and administration expenses Salaries 133000 Building depreciation 20000 Other selling and admn expenses 195000 348000 Income before taxes 220600 Income tax 66180 Income after taxes 154420 Number of units sold 11500 Add : finished goods inventory Dec 31 1190 12690 Less : finished goods inventory Jan 1 1350 11340
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Unformatted text preview: Prob 2-41 San Fernando Fashions Company Schedule of COGM Direct Material Raw material inventory- Jan 1 40000 Add: Purchases 180000 220000 Less: RM inventory - Dec 31 25000 RM consumed 195000 Direct Labor 200000 Manufacturing overhead Utilities Plant 40000 Depreciation P&M 60000 Indirect Material 10000 Indirect Labor 15000 Other Mftg Overhead 80000 205000 Total manufacturing costs 600000 Add : Work in Progress inventory Jan 1 40000 640000 Less : Work in Progress inventory Dec 31 30000 Cost of Goods Manufactured 610000 Schedule of COGS COGS Finished goods inventory Jan 1 20000 Add : Cost of Goods Manufactured 610000 Goods available for sale 630000 Less : Finished goods inventory Dec 31 50000 Cost of goods sold 580000 Income Statement Sales Revenue 950000 Less : Cost of goods sold 580000 Gross profit 370000 Less : Selling and administration expenses 150000 Income before taxes 220000 Income tax 90000 Income after taxes 130000...
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