X A Good Vibrations, Inc., produces videotapes of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company's cost of goods manufactured. You find the 3 following data from records prepared by Good Vibrations, Inc., for the year ended 4 December 31: 5 Raw Materials purchases $ 50,000 E 40,000 Direct labor Indirect labor 15,000 Indirect materials used 1,500 Factory utilities used 7,000 Factory supplies used 5,000 Depreciation expense - factory building 14,000 11 Depreciation expense - Factory Equipment 10,500 12 Other manufacturing overhead 25,000 13 inventories: 14 Beginning raw materials inventory, January 1 $ 6,000 15 Ending raw materials inventory, December 31 10,500 16 Beginning work in process inventory, January 1 10.000 17 Ending work in process inventory, December 31 9.500 Beginning finished goods invenory, January 1 $20,000 19 Ending finished goods inventory, December 31 5,000 21 22 You also learn that Sales for the year was $400,000. Selling expenses were $50,000 and administrative expenses were $75,000. 23 Requirements: 24 35 a. Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., 26 for the year ended December 31. (Items that are subtracted should be entered as a negative number.) 20 b. Prepare an Income statement for Good Vibrations, Inc., for the year ended 20 December 31. (Items that are subtracted should be entered as a negative number.) Cost Wentification Problem #1 Gand Vibrations. Inc. Cost Identification Problem #2 COGM problem Type here to search Manuf O843 A December 31: 5 6 Raw Materials purchases $ 50,000 Direct labor 40,000 Indirect labor 15,000 Indirect materials used 1,500 Factory utilities used 7,000 Factory supplies used 5,000 10 Depreciation expense - factory building 14,000 11 Depreciation expense - Factory Equipment 10,500 12 Other manufacturing overhead 25,000 13 Inventories: 14 Beginning raw materials inventory, January 1 $ 6,000 15 Ending raw materials inventory, December 31 10,500 15 Beginning work in process inventory, January 1 17 Ending work in process inventory, December 31" 10,000 9,500 Beginning finished goods invenory, January 1! 19 Ending finished goods inventory, December 31 $20,000 5,000 20 21 22 You also learn that Sales for the year was $400,000. selling expenses were $50,000 and administrative expenses were $75,000. 23 Requirements: 24 25 a. Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended December 31. (Items that are subtracted should be entered as a negative number.) 28 b. Prepare an income statement for Good Vibrations, Inc., for the year ended December 31: (Item that are subtracted should be entered as a negative number.} 23 32 Good Vibrations, Inc. Manufacturing Statement 33 Beginning Raw Materials Inventory For Year Ended December 31 Cost Identification Problem s Cost identification Problem #2 COGM problem Type here to search Manuf, an OFarmat Painter Alignment Clip board Fort Reactivate i ) SUBSCRIPTION EXPIRED To keep using Excel without interruption, please reactivate now. 134 X V A Good Vibrations, Inc., produces videotapes of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company's cost of goods manufactured. You find the following data from records prepared by Good Vibrations, Inc., for the year ended December 31: Raw Materials purchases $ 50,000 Direct labor 40,000 Indirect labor 15,000 Indirect materials used 1,500 Factory utilities used 7,000 10 Factory supplies used 5.000 Depreciation expense - factory building 14,000 Depreciation expense - Factory Equipment 10,500 Other manufacturing overhead 25,000 13 Inventories. Beginning raw materials inventory, January 1 $ 6,000 15 Ending raw materials inventory, December 31 10,500 16 Beginning work in process inventory, January 1 10.000 IT Ending work in process inventory, December 31 9.500 1.8 Beginning finished goods invenory, January 1 Ending finished goods inventory, December 31 $20,000 5,000 20 21 32 You also learn that Sales for the year was $400,000. Selling expenses were $50,000 and administrative expenses were $75,000. Requirements: 24 25 a Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended December 31. [Items that are subtracted should be entered as a negative number) 26 2T 28 b. Prepare an income statement for Good vibrations, Inc., for the year ended December 31. (Items that me subtracted should be entered as a negative number.] Cost Identification Problem #1 Good Vibrations. Inc. Cost Identification Problem =2 COGM problem Manuf, and In Type here to searchDecember 51. 5 Raw Materials purchases $ 50,000 40,000 T Direct labor Indirect labor 15,000 Indirect materials used 1,500 7,000 9 Factory utilities used 5,00D 10 Factory supplies used Depreciation expense - factory building 14,000 11 Depreciation expense - Factory Equipment 10,500 17 Other manufacturing overhead 25,000 Inventories: 14 Beginning raw materials inventory, January 1 $ 6,000 15 Ending raw materials inventory, December 31 10,500 16 Beginning work in process inventory, January 1 10,000 17 Ending work in process inventory, December 31 9.500 18 Beginning finished goods invenory, January 1 19 Ending finished goods inventory, December 31 $20,000 5,000 20 21 22 You also learn that Sales for the year was $400,000. Selling expenses were $50,000 and administrative expenses were $75,000. 23 Requirements: 24 25 a. Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., 26 for the year ended December 31. (Items that are subtracted should be entered as a negative number 27 b. Prepare an income statement for Good Vibrations, Inc., for the year ended 29 December 31. [Items that are subtracted should be entered as a negative number.) Ready Cost Identification Problem #1 Good Vibrations. Inc. Cost Identification Problem #2 Type here to search COGM problem OA34 A December 31. (flems that are subtracted should be entered as a negative number.) 28 29 Good Vibrations, Inc. 30 Manufacturing Statement 31 For Year Ended December 31 32 33 Beginning Raw Materials Inventory 34 35 36 Raw Materials Used 37 38 Direct Materials Used (DM ] 39 40 Direct Labor (DL) 41 42 Manufacturing Overhead: 43 44 46 AT 48 49 50 Total Overhead (OHD) 51 52 Total Manufacturing Cost (DM + DL + OHD) 53 54 35 Cost of Goods Manufactured 56 58 62 Good Vibrations, Inc. 63 Sales Income statement For Year Ended December 11 Cost Identification Problem 91 Cost Identification Problem #2 COGM problem Type here to search M Oi) SUBSCRIPTION LAPI X V fx A34 A December 31. (Items that are subtracted should be entered as a negative nu 29 Good Vibrations, Inc. SO Manufacturing Statement 31 For Year Ended December 31 32 33 Beginning Raw Materials Inventory 34 35 Beginning Raw Materials Inventory Plus: Raw Materials Purchases 36 Less: Raw Materials Purchases 37 Plus: Ending Raw Materials Inventory Less: Ending Raw Materials Inventory 38 Raw Materials Used 39 Plus: Indirect Materials Used Less: Indirect Materials Used 40 Direct Labor (DL) 41 42 Manufacturing Overhead: 43 44 45 48 49 50 Total Overhead (OHD) 51 53 52 Total Manufacturing Cost (DM + DL + OHD) 54 55 Cost of Goods Manufactured 56 57 50 59 60 61 62 63 Sales Good Vibrations, Inc. Income Statement Cost Identification Probl For Year Ended December 3155 Cost of Goods Manufactured 56 57 58 59 Good Vibrations, In 60 Income Statement 61 For Year Ended Decemb 62 63 Sales 64 Less: Cost of Goods Sold 65 66 Direct Labor A Raw Materials Used Plus: Beginning Work in Process Inventory 68 Less: Ending Work in Process Inventory 69 Plus: Ending Raw Materials Inventory Less: Ending Raw Materials Inventory 70 Plus: Beginning Finished Goods Inventory 71 Less: Beginning Finished Goods Inventory 72 73 74 Total Selling and Admin Expenses 75 76 Net Income 77 78 79 This Excel Worksheet was created by Amy Bohrer Creative Commons Attribution 4.0 International Licer 101 102 103 104 105 106 107 108