Problem 02-43 Student Name:
Class:
Enter appropriate solution in the yellow cells.
An asterisk (*) to the right indicates an incorrect amount.
Part 1
Direct Materials:
Raw-material inventory, January 1 *
Add: Purchases of raw material *
Raw material available for use *
Deduct: Raw-material inventory, December 31 *
Raw materials used *
Direct labor *
Manufacturing overhead:
Indirect Material *
Indirect Labor *
Utilities:Plant *
Depreciation *
Other *
Total manufacturing overhead *
Total manufacturing costs *
Add: Work-in-process, January 1 *
Subtotal *
Deduct Work-in-process, December 31 *
Cost of goods manufactured *
Part 2
Beginning inventory, finished goods *
Add: Cost of Goods Manufactured *
Cost of goods available for sale *
Deduct: Ending inventory, finished goods *
Cost of goods sold *
Part 3
Sales Revenue *
Less Cost of Goods Sold *
Gross margin *
Selling and administrative expenses *
Income before taxes *
Laredo Luggage Company
Income Statement
For the Year Ended December 31, 20X2
Laredo Luggage Company
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20X2
Laredo Luggage Company
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X2
Income tax expense *
Net income *
Part 4
In the electronic version of the solutions manual, press the CTRL key and click on
the link: 10E – BUILD A SPREADSHEET 02-43.XLS
Problem 02-43 Student Name:
Class:
Enter appropriate solution in the blue cells.
An asterisk (*) to the right indicates an incorrect amount.
Part 1
Direct Materials:
Raw-material inventory, January 1 20,000$
Part 2
Part 3
Sales Revenue 475,000$
Laredo Luggage Company
Income Statement
For the Year Ended December 31, 20X2
Laredo Luggage Company
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20X2
Instructor
McGraw-Hill/Irwin
Laredo Luggage Company
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X2