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Class:
Part 1
Laredo Luggage Company
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X2
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
Laredo Luggage Company
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20X2
Sales Revenue *
Less Cost of Goods Sold *
Gross margin *
Selling and administrative expenses *
Income before taxes *
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:
Part 1
Direct Materials:
Raw-material inventory, January 1 $ 20,000
Add: Purchases of raw material 90,000
Raw material available for use 110,000
Deduct: Raw-material inventory, December 31 12,500
Raw materials used
Direct labor
Manufacturing overhead:
Indirect Material 5,000
Indirect Labor 7,500
Utilities:Plant 20,000
Depreciation 30,000
Other 40,000
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
Laredo Luggage Company
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20X2
$ 97,500
100,000
102,500
300,000
20,000
320,000
15,000
$ 305,000
Problem 02-43 Student Name: Instructor
Class: McGraw-Hill/Irwin
Part 1
Direct Materials:
Raw-material inventory, January 1 $ 20,000
Add: Purchases of raw material 90,000
Raw material available for use 110,000
Deduct: Raw-material inventory, December 31 12,500
Raw materials used $ 97,500
Direct labor 100,000
Manufacturing overhead:
Indirect Material 5,000
Indirect Labor 7,500
Utilities:Plant 20,000
Depreciation 30,000
Other 40,000
Total manufacturing overhead 102,500
Total manufacturing costs 300,000
Add: Work-in-process, January 1 20,000
Subtotal 320,000
Deduct Work-in-process, December 31 15,000
Cost of goods manufactured $ 305,000
Part 2
Laredo Luggage Company
Schedule of Cost of Goods Sold
For the Year Ended December 31, 20X2