1 answer

Help please! Due tomorrow! Inc. is a small manufacturer of over-priced nick-nack storage/presentation boxes. Each box...

Question:

Inc. is a small manufacturer of over-priced nick-nack storage/presentation boxes. Each box is hand-crafted from South America

Help please! Due tomorrow!

Inc. is a small manufacturer of over-priced nick-nack storage/presentation boxes. Each box is hand-crafted from South American rosewood and is sold to people who feel the need to spend $2,000 on container about the size of a shoe-box. At the beginning of 2020 Ego Box had the following balances in their various inventory accounts: Direct Materials Work In Process Finished Goods $4,000 3,000 4,000 (4 boxes @ $1,000) During 2020 EgoBox: • 2. 3. . Purchased $18,000 of Direct Materials Incurred $23,000 of Direct Labor Incurred $24,000 of Factory Overhead Applied $23,000 of Overhead to Work In Process Spent $33,000 on Selling & Administrative costs Manufactured 60 boxes Sold 53 boxes for $2,000 each 6. . At the end of 2020 EgoBox had the following balances in their inventory accounts: Direct Materials Work In Process Finished Goods $5,000 2,000 repare the following, assuming EgoBox uses the FIFO cost flow assumption: • • Schedule of Cost of Goods Manufactured Schedule of Cost of Goods Sold Income Statement for 2020 (assuming there is no income tax).

Answers

Schedule of Cost of Goods manufactured
Manufactured Schedule
Raw Material
Beginning Raw material $     4,000.00
Raw materials purchased during the year $   18,000.00
Direct material available $   22,000.00
Less: ending raw material $     5,000.00
Raw materials used $ 17,000.00
Direct Labor $ 23,000.00
Manufacturing overhead $ 24,000.00
Total current manufacturing cost $ 64,000.00
Add: beginning work in process $   3,000.00
Total cost of work in process $ 67,000.00
Less: ending work in process $   2,000.00
Cost of Goods manufactured $ 65,000.00
Cost of Goods manufactured per box $     1,083.33
65000/60
Schedule of Cost of Goods Sold
Opening Finished Goods Inventory $     4,000.00
Cost of Goods manufactured $   65,000.00
Cost of Good available for sale $   69,000.00
Less: ending Finished goods Inventory $   11,916.63
(4+60-53)*1083.33
Cost of Good sold $   57,083.37
Partial income statement
Net sales (2000*53) $ 106,000.00
Cost of Good sold $   57,083.37
Gross profit $   48,916.63
Less: selling & administrative expenses $   33,000.00
Net Operating Income $   15,916.63
.

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