Managerial Accounting: P2-22B Alexsandar Company provided the following account

Managerial Accounting 
Problem 2-22B Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement 
Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): 
Selling expenses 237,000 
Purchases of raw materials 283,000 
Direct labor ? 
Administrative expenses 171,000 
Manufacturing overhead applied to work in process 356,000 
Total actual manufacturing overhead costs 399,000 

Inventory balances at the beginning and end of the year were as follows: 
   Beginning of Year End of Year 
  Raw materials 69,000 32,000 
  Work in process ? 39,000 
  Finished goods 39,000 ? 

The total manufacturing costs for the year were $705,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $673,000; and the net operating income was $49,000. The company’s overapplied or underapplied overhead is closed entirely to cost of goods sold. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) 

Required: 
a. Prepare a schedule of cost of goods manufactured. 
b. Prepare a schedule of cost of goods sold. 
c. Prepare an income statement for the year.
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