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 $ 50,000 120,000 170,000 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 December 31, 20x1 $ 70,000 115,000 165,000 $ 10,000 26,000 100,000 26,000 30,000 Sales revenue was $1,108,000 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 Raw material Work in process Finished goods Indirect material Indirect labor January 1, 20x1 $ 50,000 120,000 170,000 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 December 31, 20x1 $ 70,000 115,000 165,000 $ 10,000 26,000 100,000 26,000 30,000 Sales revenue was $1,108,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![EX 2-29 (Algo) Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)
[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
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
January 1, 20x1
$ 50,000
120,000
170,000
December 31,
20x1
$ 70,000
115,000
165,000
2. Prepare a schedule of cost of goods sold.
$ 10,000
26,000
100,000
26,000
30,000
Sales revenue was $1,108,000 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42faa836-bffb-404e-b213-1d65ef4c1b9a%2Fcd6438f3-3c98-46a5-846c-0c70f28e6216%2F9rddr9l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:EX 2-29 (Algo) Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-6)
[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
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
January 1, 20x1
$ 50,000
120,000
170,000
December 31,
20x1
$ 70,000
115,000
165,000
2. Prepare a schedule of cost of goods sold.
$ 10,000
26,000
100,000
26,000
30,000
Sales revenue was $1,108,000 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.
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