Woodford Cabinetry. Please mark if the image is not legible. Thanks!
the following image is an example of numbers for number 5 above, if helpful:
Woodford Cabinetry Ltd. June 2018 Woodford Cabinetry worked in June of 2018 to complete cabinets for customers in time to be installed before school starts. The following are expenses and costs incurred during the month: Mfg O/H Direct Expenses Selling Admin Expenses Expenses Accounting and Legal Expense Advertising Cabinet Doors Cabinet Hardware Consumable Materials Depreciation - Delivery equipment Depreciation - Office equipment Depreciation - Factory equipment Depreciation - Showroom Donations Employee benefits - Administration Employee benefits - Sales Employcc benefits Factory Finish (Stain & Lacquer) Insurance - Office Insurance - Factory Insurance - Vehicles Interest Expense Labor - Administration Labor - Sales Labor - Factory Office Supplies Payroll taxes - Administration Payroll taxes - Sales Payroll taxes - Factory Rent - Office building Rent - Factory building Rent - Showroom Repairs & maintenance - Office Repairs & maintenance - Factory Repairs & maintenance - Showroom Factory Supplies Small Tools Expense Telephone Truck expense Uniforms - Factory Utilities - Office Utilities - Factory Utilities - Showroom Wood 250 800 2,325 6,800 620 460 225 965 150 250 810 325 2.875 4,610 320 2,380 125 175 3,100 1,985 29,625 650 240 180 2.675 500 1,500 600 260 1,230 330 530 1,150 755 1,870 325 120 770 100 10,440 Total 83,400 0 Woodford Cabinetry Ltd. June 2018 The predetermined overhead allocation rate for the year is based on the following: Estimated total annual manufacturing overhead Estimated total annual direct labor hours 171,402 8,745 The Pinto job was started and completed in June The job cost card shows the following: Materials Direct Labor hours Direct Labor dollars Manufacturing overhead applied 3,450 185 4,245 Required: 1) Compute the Manufacturing overhead applied to the Pinto job 2) Compute the Gross Profit for the Pinto job if income was 16,465 3) Complete columns above showing manufacturing overhead, selling expenses and administrative expenses: Place each amount in the right column and total the columns (You will need these totals for problem #4 & 5 below) 4) Assuming that the total direct labor hours for the month were 775, compute the overhead variance. 5) Prepare June's Income Statement with the information from above and the following: Beginning Raw Materials Ending Raw Materials Beginning Work in Process Ending Work in Process Sales Note: No Finished Goods inventory Use actual manufacturing overhead, not applied. 7,000 4,500 8.500 11,775 102,000 Woodford Cabinetry Ltd. Income Statement For the Month Ended June 30, 2018 Sales COGS Beginning Raw Materials Total Materials Available Less Ending Raw Materials Direct Materials Used Direct Labor Manufacturing Overhead Beginning Work in Process Less Ending Work in Process Total Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Total Expenses Net Income 5) Prepare June's Income Statement with the information from above and the following: Numbers used in example Beginning Raw Materials 10,000 Ending Raw Materials 6.000 Beginning Work in Process 7.500 Ending Work in Process 10,000 Sales 115,000 Note: No Finished Goods inventory Use actual manufacturing overhead, not applied. Woodford Cabinetry Ltd. Income Statement For the Month Ended June 30, 2018 Example of Income Statement Woodford Cabinetry Ltd. Income Statement For the Month Ended June 30, 2018 Sales 115.000 COGS: Beginning Raw Materials Steel Beams Doors Paint 10,000 12,000 5.500 4.500 8,500 40,500 (6,000) Total Materials Available Less Ending Raw Materials Direct Materials Used Direct Labor Manufacturing Overhead Beginning Work in Process Less Ending Work in Process Total Cost of Goods Sold 34,500 32.850 15,150 7,500 (10,000) 80,000 Gross Profit 35,000 Selling Expenses Administrative Expenses Total Expenses 8.850 9,675 18,525 Net Income 16,475
