San Diego State University Operations And Supply Chain Management Assignment Help - Work

Question - Problem P2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income
The following information is available for Satterfield's Custom Glass for the fiscal year ending
December 31, 2011:
Beginning balance in Work In Process $200,000
Ending balance in W ork In Process 300,000
Beginning balance in Finished Goods 500,000
Ending balance in Finished Goods 400,000
Direct material cost 2,000,000
Direct labor cost 2,400,000
Manufacturing overhead 1,700,000
Selling expense 250,000
General and administrative expenses 450,000
Sales 8,000,000
Required:
Part a. Prepare a schedule of costs of goods manufactured.
Satterfield's Custom Glass
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 2011

...Read More Beginning balance in work in
process $200,000

Add current manufacturing
costs:
Direct Material $2,000,000
Direct Labor 2,400,000
Manufacturing overhead 1,700,000 Formula
Selling expense 250,000

General and administrative
expenses 450,000
Sales $8,000,000
Part b. Prepare an income statement for fiscal 2011. Ignore income taxes.

Satterfield's Custom Glass
Income Statement
For the Year Ended December 31, 2011
Sales $8,000,000
Less cost of goods sold:

Beginning balance in finished
goods $500,000
Manufacturing Overhead 1,700,000

Ending balance in finished
goods 400,000
Amount Formula
Title Formula

Less nonmanufacturing
expenses:
Title Amount
Title Amount Formula
Title Formula ...Read Less

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