Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have started this but I need help inputting the rest of the numerical values Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had
I have started this but I need help inputting the rest of the numerical values
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 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: $ 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, 20x1 Finished-goods inventory, January 1 Add: Cost of goods manufactured Cost of goods available for sale Less: Finished-goods inventory, December 31 Cost of goods soldStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started