Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold;Income Statement (LO 2-1, 2-3, 2-6)
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[The following information applies to the questionsdisplayed below.]Alexandria Aluminum Company, a manufacturer of recyclable sodacans, had the following inventory balances at the beginning and endof 20x1.
During 20x1, the company purchased $250,000 of raw material andspent $400,000 on direct labor. Manufacturing overhead costs wereas follows:
Sales revenue was $1,110,000 for the year. Selling andadministrative expenses for the year amounted to $110,000. Thefirm’s tax rate is 40 percent.
Required:1. Prepare a schedule of cost of goodsmanufactured.
Required:1. Prepare a schedule of cost of goodsmanufactured.
- Required Information Exercise 2 29 Schedules Of Cost Of Goods Manufactured And Sold Income Statement Lo 2 1 2 3 2 6 1 (21.01 KiB) Viewed 10 times
- Required Information Exercise 2 29 Schedules Of Cost Of Goods Manufactured And Sold Income Statement Lo 2 1 2 3 2 6 2 (12.45 KiB) Viewed 10 times
- Required Information Exercise 2 29 Schedules Of Cost Of Goods Manufactured And Sold Income Statement Lo 2 1 2 3 2 6 3 (45.72 KiB) Viewed 10 times
2. Prepare a schedule of cost of goods sold. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1
3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 $ 0 0