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1.
Prius
Company
Volt
Company
Materials inventory, December 1
280,280$ 177,000$
Materials inventory, December 31 (a) 180,000
Materials purchased 712,800 342,000
Cost of direct materials used in production 752,400 (a)
Direct labor 1,058,400 (b)
Factory overhead 327,600 180,000
Total manufacturing costs incurred during December
(b) 1,035,000
Total manufacturing costs 2,678,400 1,477,500
Work in process inventory, December 1 540,000 442,500
Work in process inventory, December 31 453,600 (c)
Cost of goods manufactured
(c) 1,024,500
Finished goods inventory, December 1 475,200 204,000
Finished goods inventory, December 31 496,800 (d)
Sales
4,140,000 1,675,500
Cost of goods sold (d) 1,051,500
Gross profit (e) (e)
Operating expenses 540,000 (f)
Net income (f) 384,000
2.
Work in process inventory, December 1, 2016
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs
Less:
Cost of goods manufactured
3.
0%
VOLT COMPANY
Income Statement
VOLT COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2016
Problem 16(1)-4A
Name:
Section:
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Instructions
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses
Net income
For the Month Ended December 31, 2016
An asterisk (*) will appear to the right of an incorrect entry.
1.
Prius
Company
Volt
Company
Materials inventory, December 1
280,280$ 177,000$
Materials inventory, December 31 (a) 240,680 180,000
Materials purchased 712,800 342,000
Total manufacturing costs incurred during December
(b) 2,138,400 1,035,000
Total manufacturing costs 2,678,400 1,477,500
Sales
4,140,000 1,675,500
Cost of goods sold (d) 2,203,200 1,051,500
Gross profit (e) 1,936,800 (e) 624,000
2.
Work in process inventory, December 1, 2016 442,500$
Direct materials:
177,000$
Direct labor 516,000
Factory overhead 180,000
3.
Problem 16(1)-4A
Name:
Solution
Section:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
For the Month Ended December 31, 2016
VOLT COMPANY
Statement of Cost of Goods Manufactured
Materials inventory, December 1, 2016
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
VOLT COMPANY
Income Statement
For the Month Ended December 31, 2016
Sales
1,675,500$
Cost of goods sold:
204,000$
Finished goods inventory, December 1, 2016
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1.
On
Company Off
Company
Materials inventory, December 1
65,800$ 195,300$
Materials inventory, December 31 (a) 91,140
Materials purchased 282,800 (a)
Cost of direct materials used in production 317,800 (b)
Direct labor 387,800 577,220
Factory overhead 148,400 256,060
Total manufacturing costs incurred in December (b) 1,519,000
Total manufacturing costs 973,000 1,727,320
Work in process inventory, December 1 119,000 208,320
Work in process inventory, December 31 172,200 (c)
Cost of goods manufactured
(c) 1,532,020
Finished goods inventory, December 1 224,000 269,080
Finished goods inventory, December 31 197,400 (d)
Sales
1,127,000 1,944,320
Cost of goods sold (d) 1,545,040
Gross profit (e) (e)
Operating expenses 117,600 (f)
Net income (f) 164,920
2.
Work in process inventory, December 1, 2016
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs
Less:
Cost of goods manufactured
3.
Instructions
Problem 16(1)-4B
Name:
Section:
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For the Month Ended December 31, 2016
0%
ON COMPANY
ON COMPANY
Statement of Cost of Goods Manufactured
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses
Net income
Income Statement
For the Month Ended December 31, 2016
An asterisk (*) will appear to the right of an incorrect entry.
1.
On
Company
Off
Company
Materials inventory, December 1
65,800$ 195,300$
Materials inventory, December 31 (a) 30,800 91,140
Factory overhead 148,400 256,060
Total manufacturing costs incurred in December (b) 854,000 1,519,000
Total manufacturing costs 973,000 1,727,320
Finished goods inventory, December 31 197,400 (d) 256,060
Sales
1,127,000 1,944,320
2.
Work in process inventory, December 1, 2016 119,000$
Direct materials:
Cost of direct materials used in production 317,800$
Direct labor 387,800
3.
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Score:
ON COMPANY
Income Statement
For the Month Ended December 31, 2016
Answers are entered in the cells with gray backgrounds.
ON
For the Month Ended December 31, 2016
ON COMPANY
Statement of Cost of Goods Manufactured
Problem 16(1)-4B
Name:
Solution
Section:
Instructions
Sales
1,127,000$
Cost of goods sold:
224,000$
800,800
Finished goods inventory, December 1, 2016
Cost of goods manufactured
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2016
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Less:
Cost of goods manufactured
2.
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses:
Administrative expenses:
THE NEWQUEST CORPORATION
Income Statement
For the Year Ended December 31, 2016
Instructions
Problem 16(1)-5A
Name:
Section:
0%
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THE NEWQUEST CORPORATION
[Key code here]
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Score:
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Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
Selling expenses:
Total operating expenses
Net income
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2016 631,800$
Direct materials:
351,000$
Direct labor 670,800
Factory overhead:
78,750$
56,160
32,000
Total manufacturing costs incurred during the year
1,477,570
Total manufacturing costs
2,109,370$
2.
Sales
3,010,000$
Cost of goods sold:
608,400$
Gross profit 1,461,030$
Operating expenses:
Administrative expenses:
Problem 16(1)-5A
Name:
Solution
Section:
Finished goods inventory, January 1, 2016
THE NEWQUEST CORPORATION
Income Statement
For the Year Ended December 31, 2016
ON
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Instructions
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Indirect labor
For the Year Ended December 31, 2016
THE NEWQUEST CORPORATION
Statement of Cost of Goods Manufactured
Materials inventory, January 1, 2016
Depreciation expense - factory equipment
Rent expense - factory
42,120
Selling expenses:
420,000$
Sales salaries expense
Depreciation expense - office equipment
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2016
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Less:
Cost of goods manufactured
2.
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses:
Administrative expenses:
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2016
Instructions
Problem 16(1)-5B
Name:
Section:
0%
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SHANIKA COMPANY
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Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
Selling expenses:
Total operating expenses
Net income
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 2016 109,200$
Direct materials:
77,350$
123,500
Factory overhead:
23,660$
14,560
Total manufacturing costs incurred during the year
354,510
2.
Sales
864,500$
Cost of goods sold:
113,750$
367,510
Operating expenses:
Administrative expenses:
77,350$
Office salaries expense
Problem 16(1)-5B
Name:
Solution
Section:
Cost of goods manufactured
Finished goods inventory, January 1, 2016
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2016
ON
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Score:
Instructions
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Purchases
Indirect labor
For the Year Ended December 31, 2016
SHANIKA COMPANY
Statement of Cost of Goods Manufactured
Materials inventory, January 1, 2016
Depreciation expense - factory equipment
22,750
Depreciation expense - office equipment
An asterisk (*) will appear to the right of an incorrect entry.
a.
Work in process inventory, March 1, 2016
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during March
Total manufacturing costs
Less:
Cost of goods manufactured
b.
Cost of goods sold for March 2016:
Cost of finished goods available for sale
Cost of goods sold
Exercise 16(1)-15
Name:
Section:
0%
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MIX-A-LOT MANUFACTURING COMPANY
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Instructions
Statement of Cost of Goods Manufactured
For the Month Ended March 31, 2016
An asterisk (*) will appear to the right of an incorrect entry.
a.
Work in process inventory, March 1, 2016 214,200$
Direct materials:
315,000$
604,800
Factory overhead:
60,480$
36,000
Total manufacturing costs incurred during March
1,353,960
b.
Cost of goods sold for March 2016:
163,800$
1,328,760
Instructions
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MIX-A-LOT MANUFACTURING COMPANY
Statement of Cost of Goods Manufactured
Exercise 16(1)-15
Name:
Solution
Section:
Purchases
Indirect labor
For the Month Ended March 31, 2016
ON
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Score:
Materials inventory, March 1, 2016
Machinery depreciation
Finished goods inventory, March 1, 2016
Cost of goods manufactured
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a. Cost of goods sold:
Cost of goods sold
b. Finished goods inventory at end of month:
Finished goods inventory
c. Direct materials cost:
Direct materials cost
d. Direct labor cost:
Factory overhead costs
Direct labor cost
e. Work in process inventory, end of month:
Work in process inventory
Exercise 16(1)-17
Name:
Section:
0%
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a. Cost of goods sold:
792,000$
462,000
Cost of goods sold 330,000$
b. Finished goods inventory at end of month:
c. Direct materials cost:
244,200$
d. Direct labor cost:
455,400$
211,200$
e. Work in process inventory, end of month:
455,400$
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Instructions
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Direct materials cost
Total manufacturing costs
Exercise 16(1)-17
Name:
Solution
Section:
Sales
ON
Gross profit
Materials purchased
Total manufacturing costs
