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saw5 [17]
3 years ago
10

Mesa Designs produces a variety of hardware products, primarily for the do-it-yourself (DIY) market. As part of your job intervi

ew as a summer intern at Mesa, the cost accountant provides you with the following (fictitious) data for the year (in $000). Inventory information: 1/1/00 12/31/00 Direct materials $ 59 $ 66 Work-in-process 87 79 Finished goods 998 1,024 Other information: For the year ’00 Administrative costs $ 3,200 Depreciation (Factory) 3,330 Depreciation (Machines) 4,730 Direct labor 7,600 Direct materials purchased 5,260 Indirect labor (Factory) 1,780 Indirect materials (Factory) 590 Property taxes (Factory) 240 Selling costs 1,180 Sales revenue 35,610 Utilities (Factory) 640 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.
Business
1 answer:
pav-90 [236]3 years ago
5 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Inventory information:

DM:

Beginning = $59

Ending= $ 66

Direct materials purchased 5,260

Work-in-process

Beginning= $87

Ending= $79

Finished goods

Beginning= $998

Ending= $1,024

Other information:

Administrative costs $ 3,200

Depreciation (Factory) 3,330

Depreciation (Machines) 4,730

Direct labor 7,600

Indirect labor (Factory) 1,780

Indirect materials (Factory) 590

Property taxes (Factory) 240

Selling costs 1,180

Sales revenue 35,610

Utilities (Factory) 640

1) We need to calculate the production during the period.

Cost of manufactured period= Beginning work in progress inventory+ direct materials + direct labor + factory overhead - ending work in progress

Beginning work in progress inventory= 87

Direct materials= 59 + 5620 - 66= 5,613

Direct labor= 7,600

Factory overhead=Depreciation (Factory) + Depreciation (Machines) +  Indirect labor (Factory) + Indirect materials (Factory)  + Property taxes (Factory) + Utilities (Factory)= 3,330 + 4730 + 1780 + 590 + 240 + 640= $11,310

Ending work in progress=79

Cost of manufactured period=87+5613+7600+11310-79= $24,531

Cost of goods sold (COGS)= Beginning Inventory+Production during period−Ending Inventory

CGOS= 998 + 24531-1024= $24,505

B)

Revenue= 35610

COGS= 24505 (-)

Gross profit= $11,105

Administrative cost= 3200

Selling costs= 1180

Total period costs= 4380 (-)

EBITDA= 6725

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