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PART III LUCID FLEX it is a manufacturing and builds technological pieces for the vehicle industries and other pieces for other industries in computer industries.
PART III LUCID FLEX it is a manufacturing and builds technological pieces for the vehicle industries and other pieces for other industries in computer industries. Here next the financial information of the company as of 2020 and 2019. December 31, 2020 December 31, 2019 $ 936,733 S 755.336 1,925,252 1,744,441 958,714 855,744 525,825 Raw materials inventory Work-in-process inventory Finished goods inventory Sales Dpto. expenses General and administrative Raw materials purchases Direct labor used in production Manufacturing overhead Indirect materials Total sales 7,951,995 417,417 524,174 1,677,925 354,777 10,788,741 1. Prepare the next schedules: a Schedule of raw materials placed in production. b. Schedule of cost of goods manufactured. C. Schedule of cost of goods sold. 2. Prepare an income statement for the year ended December 31st, 2020. 3. Prepare the next income statements: a Summarize income statement (basic). b. Detailed income statement (complete). 4. Final: here are the market figures for the vehicle industry. After all the previous calculations, compare the information with the market figures and determine if the company is under / above the market percentages. a. If is under the market figures: give options to the board to identify problems and decrease the cost or increase the income. b. If is above the market figures: give options to the board to identify possible future problems (e. supply chain or pandemics) that could affects our margins and how can we solved. Market figures Market Figures as of Dec 2020 $9,000,000 25% 20% Sales or incomes COGS COGM Adm expenses Sales expenses Profits 29% 15% 33%
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