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Can someone help me prepare the schedule of COGS? Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer
Can someone help me prepare the schedule of COGS?
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 Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 140,000 December 31, 20x1 $ 70,000 115,000 165,000 Dur 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manut overhead costs were as follows: uring $ Indirect material Indirect labor Depreciation on plant and equipment Utilities Other 9,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 2. Prepare a schedule of cost of goods sold. ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x1Step by Step Solution
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