Problem 2-22 Schedule of Cost of Goods Manufactured; Income Statement (L01, LO2, LO3, L04) Cost and sales information fo

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Problem 2 22 Schedule Of Cost Of Goods Manufactured Income Statement L01 Lo2 Lo3 L04 Cost And Sales Information Fo 1 (38.42 KiB) Viewed 46 times

Problem 2 22 Schedule Of Cost Of Goods Manufactured Income Statement L01 Lo2 Lo3 L04 Cost And Sales Information Fo 2 (76.57 KiB) Viewed 46 times

Problem 2 22 Schedule Of Cost Of Goods Manufactured Income Statement L01 Lo2 Lo3 L04 Cost And Sales Information Fo 3 (75.04 KiB) Viewed 46 times

Problem 2 22 Schedule Of Cost Of Goods Manufactured Income Statement L01 Lo2 Lo3 L04 Cost And Sales Information Fo 4 (35.33 KiB) Viewed 46 times

Problem 2-22 Schedule of Cost of Goods Manufactured; Income Statement (L01, LO2, LO3, L04) Cost and sales information for the most recent fiscal year are shown below. WALLACE RIVER COMPANY Cont and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materiale inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expanse Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 97,500 17,500 24,500 46,500 5,000 67,500 30,000 73,000 525,000 27.000 1,000 83,000 23,000 65,000 7,000 30,000 10,000 40,000
Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: K ces Manufacturing overhead: Total overhead costs Total manufacturing costs Cost of goods manufactured
2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Cost of goods sold: Selling and administrative expenses:
3. Assume that the company produced 10,000 units of product during the year. What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation? (Round your answers to 2 decimal places) Direct materiale Factory depreciation 4. Assume that the company expects to produce and sell 15,000 units of product during the coming year. What average cost per unit and what total cost would you expect the company to incur for direct materials and for factory depreciation at this level of activity? Assume that raw materials costs charged by suppliers will not change next year. For factory depreciation, assume that the company uses straight-line depreciation and that the factory equipment has five years of useful life remaining (Round your answers tô 2 decimal places) Cost Per Unit Total Cost Direct materials Factory depreciation 5. This part of the question is not part of your Connect assignment