Respuesta :
Answer:
1. $513,000
2. $913,200
3. $926,400
4. $154,420
5.11340 Units
Explanation:
1. Calculation for Lone Oak’s manufacturing overhead for the year.
Manufacturing overhead
Indirect labor 109,000
Building depreciation (80000*75%) 60,000
Other factory cost 344,000
Manufacturing overhead $513,000
2. Calculation for Lone Oak’s cost of goods manufactured.
First step is to calculate the Direct material used
Direct material used = 15,800+175000-18200
Direct material used= 172,600
Second step is to calculate the Total manufacturing cost
Total manufacturing cost = 172,600+254,000+513,000
Total manufacturing cost= 939,600
Now let calculate the Cost of goods manufactured
Cost of goods manufactured = 35,700+939,600-62100
Cost of goods manufactured = $913,200
3. Compution for the company’s cost of goods sold.
Cost of goods sold = 111100+913,200-97900
Cost of goods sold = $926,400
4. Calculation to Determine net income for 20x1, assuming a 30% income tax rate.
Net income :
Sales 1495000
Cost of goods sold -926,400
Gross profit 568,609
Selling and administrative expense (133000+20000+195000) 348000
Profit 220,600
Tax 30% 66,180
Net income $154,420
(220,600-66,180)
(25%*80,000=20,000)
5. Calculation to Determine the number of completed units manufactured during theyear.
No of unit completed = 1190+(1,495,000/$130 per unit)-1350
No of unit completed =1190+11500-1350
No of unit completed = 11340 Units
1. The calculation of Lone Oak's manufacturing overhead for the year is $513,000.
2. The calculation of Lone Oak's cost of goods manufactured is $913,200.
3. The computation of Lone Oak's cost of goods sold is $926,400.
4. The net income for 20x1 with a 30% income tax rate is $247,520.
5. The number of completed units manufactured during the year is 11,340 units.
Data and Calculations:
Raw material purchases = $175,000
Direct labor = $254,000
Indirect labor = $109,000
Selling and administrative salaries = $133,000
Building depreciation =$80,000
Factory Depreciation = $60,000 ($80,000 x 75%)
Selling and administration Depreciation = $20,000 ($80,000 x 25%)
Other selling and administrative expenses = $195,000
Other factory costs = $344,000
Sales revenue ($130 per unit) = $1,495,000
Inventory data:
                 January 1    December  31
Raw material        $15,800       $18,200
Work in process     $35,700       $62,100
Finished goods      $111,100       $97,900
Units of finished goods 1,350 Â Â Â Â Â Â Â Â Â 1,190
Manufacturing Overhead:
Indirect labor = $109,000
Factory depreciation = $60,000 ($80,000 x 75%)
Other factory costs = $344,000
The total manufacturing overhead = $513,000.
Raw material:
Account titles             Debit    Credit
Beginning balance        $15,800
Purchase of raw materials  175,000
Work in process                $172,600
Ending balance                  $18,200
Work in process
Account titles           Debit    Credit
Beginning balance     $35,700
Raw materials         172,600
Direct labor          254,000
Manuf. overhead      513,000
Finished goods                $913,200
Ending balance                 $62,100
Finished goods
Account titles           Debit    Credit
Beginning balance      $111,100
Work in process        913,200
Cost of goods sold            $926,400
Ending balance                $97,900
Lone Oak's Income Statement
Sales Revenue       $1,495,000
Cost of goods sold      926,400
Gross profit          $568,600
Expenses:
Selling and distribution $195,000
Depreciation           20,000
Total expenses       $215,000
Income before tax    $353,600
Tax (30%) Â Â Â Â Â Â Â Â Â Â Â Â 106,080
Net income         $247,520
Units of finished goods:
Ending balance         1,190
Units sold            11,500 ($1,495,000/$130)
Total available for sale 12,890
Beginning balance      1,350
Units sold = Â Â Â Â Â Â Â Â Â 11,340
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