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Particulars: (Format and Additional Data Provided - Statement of Income and Expense Tab)

1. The document provides financial data for ABC Manufacturing including materials, labor, and overhead costs for the period ending December 31, 2019. 2. It asks to compute prime cost, conversion cost, cost of goods manufactured, product unit cost, and prepare a statement of income and expenses. 3. The summary provides the calculations for the requested items and a completed statement of income and expenses for ABC Manufacturing for the year ended December 31, 2019.

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Jhoanne Marie Tedera
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© © All Rights Reserved
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87 views

Particulars: (Format and Additional Data Provided - Statement of Income and Expense Tab)

1. The document provides financial data for ABC Manufacturing including materials, labor, and overhead costs for the period ending December 31, 2019. 2. It asks to compute prime cost, conversion cost, cost of goods manufactured, product unit cost, and prepare a statement of income and expenses. 3. The summary provides the calculations for the requested items and a completed statement of income and expenses for ABC Manufacturing for the year ended December 31, 2019.

Uploaded by

Jhoanne Marie Tedera
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Data ABC Manufacturing Company December 31, 2019

PARTICULARS
Materials Inventory – Beginning
Materials Inventory – End
Work in Process - End
Finished Goods - Beginning
Finished Goods - End
Salary of Factory Workers
Indirect Materials
Overhead Cost
Purchases Net
Freight-in
Interest Expense
Interest Income
Foreign Exchange Gain
Gain on Sale of Assets
Units Produced

Compute for the following:


1.Prime Cost
2.Conversion Cost
3.Cost of Goods Manufactured
4.Product Unit Cost
5.Prepare Statement of Income and Expenses (Income Tax rate 30%)
(Format and additional data provided - Statement of Income and Expense T
AMOUNT
50,000.00
75,000.00
125,000.00
110,000.00
80,000.00
25,000.00
5,000.00
20,000.00
324,000.00
1,000.00
15,000.00
15,000.00
10,000.00
10,000.00
1,000 Units

(Income Tax rate 30%)


tement of Income and Expense Tab)
ABC MANUFACTURING CORPORATION
Statement of Cost of Goods Manufactured
For the month ended December 31, 2019

Direct Materials Used


Materials Inventory Dec. 1
Materials Purchases 324,000.00
Freight In 1,000.00
Total Materials Available for Use
Less: Indirect Materials Used 5,000.00
Materials Inventory Dec. 31 75,000.00
Direct Labor
Factory Overhead
Overhead Cost
Indirect Materials Used
Total Manufacturing Cost
Work in Process Inventory - Dec. 1
Total Goods Placed into Process
Less: Work in Process Inventory - Dec. 31
Total Cost of Goods Manufactured
PORATION
nufactured
r 31, 2019 1. Prime Costs:

50,000.00

325,000.00 2. Conversion Costs:


375,000.00

80,000.00 295,000.00
25,000.00
3. Cost of Goods Manufactured
20,000.00
5,000.00 25,000.00 4. Product Unit Cost
345,000.00 Units Produced
- Unit Cost
345,000.00
125,000.00 5. Statement of Income and Expenses
220,000.00
Prime Costs:
Direct Materials 295,000.00
Direct Labor 25,000.00
320,000.00

Conversion Costs:
Direct Labor 25,000.00
Factory Overhead 25,000.00
50,000.00

Cost of Goods Manufactured 220,000.00

Product Unit Cost 220,000.00


Units Produced 1,000
Unit Cost 220.00

Statement of Income and Expenses


ABC MANUFACTURING CORPORATION
Statement of Income and Expenses
For the year ended December 31, 2019

Revenues
Cost of Goods Sold
Finished Goods Inventory - Beg. 110,000.00
Add: Cost of Goods Manufactured 220,000.00
Total Goods Available For Sale 330,000.00
Less: Finished Goods Inventory End 80,000.00
Gross Income/Margin
Operating Expenses
Operating Income
Non-operating Revenues(Expense)
Income Before Taxes
Income Tax (30% of Income before tax)
Net Income

Additional Information: ABC Manufacturing Company


Sales 500,000.00
Operating Expenses 150,000.00

Required: Statement of Income and Expenses


N

500,000.00

250,000.00
250,000.00
150,000.00
100,000.00
20,000.00
120,000.00
36,000.00
84,000.00

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