Question

The following information is available for All-True Window Company January 1, 2017 2017 December 31, 2017...

The following information is available for All-True Window Company

January 1, 2017 2017 December 31, 2017

Raw materials inventory 21,000 30,000

Work in process inventory 13,500 17,200

Finished goods inventory 27,000 21,000

Materials purchased 650,000

Direct labor 300,000

Manufacturing overhead 450,000

Sales revenue 1,625,000

a. Determine the cost of materials used during the year?

b. Prepare Cost of Goods Manufactured statement for the year ended December 31, 2017.

c. Prepare income statement through gross profit for the year ended December 31, 2017.

Business   Accounting   
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Answer #1
a
Direct materials inventory, January 1 21000
Direct materials purchases 650000
Cost of direct materials available for use 671000
Direct materials inventory, December 31 30000
Cost of direct materials placed in production 641000
b
Work in process inventory, January 1 13500
Cost of direct materials placed in production 641000
Direct labor 300000
Manufacturing overhead 450000
Total manufacturing costs 1391000
Total work in process during period 1404500
Work in process inventory, December 31 17200
Cost of goods manufactured 1387300
c
Sales revenue 1625000
Cost of goods sold:
Finished goods inventory, January 1 27000
Cost of goods manufactured 1387300
Cost of finished goods available for sale 1414300
Finished goods inventory, December 31 21000
Cost of goods sold 1393300
Gross Profit 231700
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