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  • HOMEWORK 4 Maret 2023

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    Mateus Ariatama
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    For the year ended December 31, 2007, Ace Hardware had $2.3 million in sales revenue. Their direct materials inventory at the start of the year was $86,000 and purchases were $555,000, with $35,000 remaining at year end. Their direct labor costs were $425,000 and factory overhead expenses including indirect materials, labor, utilities and rent totaled $279,000 + $66,000 + $28,000 + $40,000 + $279,000 = $692,000. They are required to prepare a cost of goods manufactured statement and income statement for the period.

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    For the year ended December 31, 2007, Ace Hardware had $2.3 million in sales revenue. Their direct materials inventory at the start of the year was $86,000 and purchases were $555,000, with $35,000 remaining at year end. Their direct labor costs were $425,000 and factory overhead expenses including indirect materials, labor, utilities and rent totaled $279,000 + $66,000 + $28,000 + $40,000 + $279,000 = $692,000. They are required to prepare a cost of goods manufactured statement and income statement for the period.

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    © All Rights Reserved
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    28 views1 page

    HOMEWORK 4 Maret 2023

    Uploaded by

    Mateus Ariatama
    For the year ended December 31, 2007, Ace Hardware had $2.3 million in sales revenue. Their direct materials inventory at the start of the year was $86,000 and purchases were $555,000, with $35,000 remaining at year end. Their direct labor costs were $425,000 and factory overhead expenses including indirect materials, labor, utilities and rent totaled $279,000 + $66,000 + $28,000 + $40,000 + $279,000 = $692,000. They are required to prepare a cost of goods manufactured statement and income statement for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    HOMEWORK

    The following information applies to ACE HARDWARE for the year ended December 31,
    2007:

    Sales Revenue $2,300,000


    Direct Materials Inventory Jan. 1, 2007 86,000
    Direct Labor–Wages 425,000
    Indirect Materials 66,000
    Indirect Labor 28,000
    Plant Utilities 40,000
    Finished Goods Inventory Jan. 1, 2007 25,000
    Work-in-Process Inventory Dec. 31, 2007 33,000
    Supplies–Administrative Office 3,500
    Finished Goods Inventory Dec. 31, 2007 44,000
    Direct Materials Inventory Dec. 31, 2007 35,000
    Sales Representatives’ Salaries 195,000
    Work–in–Process Inventory Jan. 1, 2007 27,000
    Direct Materials Purchases 555,000
    Factory Rent 279,000
    Depreciation Expense--Admin. Office 88,000

    Required:
    Prepare a statement of cost of goods manufactured and an income statement for the year
    ended December 31, 2007.

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