## Answers

Solution:

TWISTO PRETZEL COMPANY | ||

Schedule of cost of goods manufactured | ||

For the year ended december31 ,20x1 | ||

Direct material | ||

Raw material inventory , 31/12/20x0 | 10,100 | |

Add: Purchases of raw materials | 39,200 | |

Raw mateials available for use | 49,300 | |

Deduct raw material inventory, 31/12/20x1 | 11,000 | |

Raw materials used | 38,300 | |

Direct labour | 79,000 | |

Manufacturing overhead | ||

Indirect materials | 4,600 | |

Indirect labour | 29,000 | |

Depreciation on factory building | 3,800 | |

Depreciation on factory equipment | 2,100 | |

Utilities | 6,000 | |

Property taxes | 2,400 | |

Insurance | 3,600 | |

Rental of warehouse space | 3,000 | |

Total actual manufacturing overhead | 54,500 | |

Add: Overapplied overhead | 3,500 | |

Overhead applied to work in process | 58,000 | |

Total manufacturing costs | 1,75,300 | |

Add: Work in process inventory, 31/12/00 | 8,100 | |

Subtotal | 1,83,400 | |

Less: Work in process inventory 31/12/01 | 8,300 | |

Cost of goods manufactured | 1,75,100 |

TWISTO PRETZEL COMPANY | |

Schedule of cost of goods sold | |

For the year ended december31 ,20x1 | |

Finished goods inventory 31/12/x0 | 14,000 |

Add: cost of goods manufactured | 1,75,100 |

Cost of goods available for sale | 1,89,100 |

Deduct: Finished goods inventory, 31/12/01 | 15,300 |

Cost of goods sold | 1,73,800 |

Deduct: Overapplied overhead | 3,500 |

Adjusted Cost of goods sold | 1,70,300 |

TWISTO PRETZEL COMPANY | ||

Income statement | ||

For the year ended december31 ,20x1 | ||

Sales revenue | 2,05,800 | |

Less: cost of goods sold | 1,70,300 | |

Gross margin | 35,500 | |

Selling and administrative expenses | ||

Salaries | 13,600 | |

Utilities | 2,400 | |

Depreciation | 1,200 | |

Rental of office space | 1,600 | |

Other expenses | 3,800 | |

Total | 22,600 | |

Income before taxes | 12,900 | |

Income tax expenses | 5,100 | |

Net Income | 7,800 |

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