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The following data refer to Mister Munchie, Inc. for the year 20x4. Work-in-process inventory, 12/31/x3 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory
The following data refer to Mister Munchie, Inc. for the year 20x4. |
Work-in-process inventory, 12/31/x3 | $ | 8,000 | |
Selling and administrative salaries | 13,700 | ||
Insurance on factory and equipment | 3,600 | ||
Work-in-process inventory, 12/31/x4 | 8,200 | ||
Finished-goods inventory, 12/31/x3 | 14,000 | ||
Indirect material used | 4,600 | ||
Depreciation on factory equipment | 2,100 | ||
Raw-material inventory, 12/31/x3 | 10,100 | ||
Property taxes on factory | 2,400 | ||
Finished-goods inventory, 12/31/x4 | 15,200 | ||
Purchases of raw material in 20x4 | 39,200 | ||
Utilities for factory | 6,000 | ||
Cash, 12/31/x4 | 7,000 | ||
Utilities for sales and administrative offices | 2,500 | ||
Other selling and administrative expenses | 4,000 | ||
Indirect-labor cost incurred | 29,000 | ||
Depreciation on factory building | 3,600 | ||
Depreciation on cars used by sales personnel | 1,200 | ||
Direct-labor cost incurred | 79,000 | ||
Raw-material inventory, 12/31/x4 | 11,000 | ||
Rental for warehouse space to store raw material | 3,000 | ||
Rental of space for company presidents office | 1,600 | ||
Applied manufacturing overhead | 58,000 | ||
Sales revenue | 207,800 | ||
Income tax expense | 5,100 | ||
Accounts receivable, 12/31/x4 | 4,000 | ||
Required: | |
1. | Prepare Mister Munchies schedule of cost of goods manufactured for 20x4. |
2. | Prepare the companys schedule of cost of goods sold for 20x4. The company closes overapplied or underapplied overhead into Cost of Goods Sold. |
3. | Prepare the companys income statement for 20x4. |
MISTER MUNCHIE, INC Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x4 Direct material: Raw-material inventory, 12131/x3 Raw material used Direct labor Manufacturing overhead: Total actual manufacturing overhead Overhead applied to work in process Total manufacturing costs Subtotal Cost of goods manufactured MISTER MUNCHIE, INC Income Statement For The Year Ended December 31, 20x4 Selling and administrative expenses: Total
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