3 Required information [The following information applies to the questions displayed below) Alexandria Aluminum Company,

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3 Required Information The Following Information Applies To The Questions Displayed Below Alexandria Aluminum Company 1 (28.26 KiB) Viewed 64 times

3 Required Information The Following Information Applies To The Questions Displayed Below Alexandria Aluminum Company 2 (57.65 KiB) Viewed 64 times

3 Required information [The following information applies to the questions displayed below) Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 50,000 $ 70,000 Work in process 120,000 115,000 Pinished goods 160,000 165,000 During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 24,000 100,000 20,000 30,000 Sales revenue was $1,109,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
Part 1 of 3 Required: 1. Prepare a schedule of cost of goods manufactured. 3.3 points Answer is not complete. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Direct material: Raw-material inventory, January 1 $ 50,000 Add: Purchases of raw material 240,000 Raw material available for use 290,000 Less: Raw-material inventory, December 31 70,000 $ 220,000 400,000 $ Direct labor Manufacturing overhead: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other Work-in-process inventory, January 1 Work-in-process inventory, December 31 Total manufacturing overhead Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Loss: Work-in-process inventory, December 31 Cost of goods manufactured 12,000 24,000 100,000 24,000 30,000 0 X 3 ® 0 $ 190,000 810,000 120,000 930,000 115,000 815,000 $ > $