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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) 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.
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Instructions
Problem 18-4A
Name:
Section:
0%
VOLT COMPANY
VOLT COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2016
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.
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
Cost of goods manufactured
(c) 2,224,800 1,024,500
Finished goods inventory, December 1 475,200 204,000
2.
Work in process inventory, December 1, 2016 442,500$
Direct materials:
177,000$
3.
VOLT COMPANY
Instructions
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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.
Problem 18-4A
Name:
Solution
Section:
Score:
Sales
1,675,500$
Cost of goods sold:
204,000$
1,024,500
Finished goods inventory, December 1, 2016
Cost of goods manufactured
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) 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.
ON COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2016
ON COMPANY
Problem 18-4B
Name:
Section:
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0%
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
Materials purchased 282,800 (a) 581,560
Total manufacturing costs incurred in December (b) 854,000 1,519,000
Finished goods inventory, December 1 224,000 269,080
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:
65,800$
282,800
3.
Materials inventory, December 1, 2016
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Problem 18-4B
Name:
Solution
Section:
Score:
Instructions
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ON
Purchases
For the Month Ended December 31, 2016
ON COMPANY
Statement of Cost of Goods Manufactured
ON COMPANY
Sales
1,127,000$
Cost of goods sold:
224,000$
800,800
Finished goods inventory, December 1, 2016
Cost of goods manufactured
Income Statement
For the Month Ended December 31, 2016
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:
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
0%
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THE NEWQUEST CORPORATION
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Instructions
THE NEWQUEST CORPORATION
Income Statement
For the Year Ended December 31, 2016
Problem 18-5A
Name:
Section:
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$
659,800
Factory overhead:
78,750$
56,160
32,000
2.
Sales
3,010,000$
Cost of goods sold:
608,400$
1,516,570
Operating expenses:
Administrative expenses:
185,000$
Rent expense - factory
Purchases
Indirect labor
For the Year Ended December 31, 2016
Depreciation expense - factory equipment
THE NEWQUEST CORPORATION
Statement of Cost of Goods Manufactured
Materials inventory, January 1, 2016
ON
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Instructions
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Cost of goods manufactured
Finished goods inventory, January 1, 2016
THE NEWQUEST CORPORATION
Income Statement
For the Year Ended December 31, 2016
Problem 18-5A
Name:
Solution
Section:
Office salaries expense
42,120
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:
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
0%
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SHANIKA COMPANY
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Instructions
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2016
Problem 18-5B
Name:
Section:
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
6,825
2.
Sales
864,500$
Cost of goods sold:
113,750$
367,510
Rent expense - factory
Purchases
Indirect labor
For the Year Ended December 31, 2016
Depreciation expense - factory equipment
SHANIKA COMPANY
Statement of Cost of Goods Manufactured
Materials inventory, January 1, 2016
ON
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Score:
Instructions
Answers are entered in the cells with gray backgrounds.
Cost of goods manufactured
Finished goods inventory, January 1, 2016
SHANIKA COMPANY
Income Statement
For the Year Ended December 31, 2016
Problem 18-5B
Name:
Solution
Section:
22,750
13,650 113,750$
Property taxes - headquarters building
Depreciation expense - office equipment
