San Diego State University Operations And Supply Chain Management Assignment Help - Depreciation

Question - Selling expenses $ 215,000
Purchases of raw materials $ 260,000
Direct labor ?
Administrative expenses $ 160,000
Manufacturing overhead applied to work in process $ 340,000
Total actual manufacturing overhead costs $ 350,000


Inventory balances at the beginning and end of the year were as follows:
Beginning of Year End of Year
Raw materials $ 50,000 $ 40,000
Work in process ? $ 33,000
Finished goods $ 30,000 ?


The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled
$720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was
$35,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods
sold.

Re ...Read More quired:
a. Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values. Omit
the "$" sign in your response.)
Valenko Company
Schedule of Cost of Goods Manufactured
Direct materials:
(Click to select)Ending work in process inventoryFinished goods
inventory, beginningRaw materials inventory, beginningBeginning
work in process inventoryRaw materials inventory, ending
$
(Click to select)DeductAdd : (Click to select)Beginning work in
process inventoryEnding work in process inventoryPurchases of
raw materialsRaw materials inventory, endingFinished goods

inventory, beginning

Total raw materials available
(Click to select)DeductAdd : (Click to select)Raw materials
inventory, endingPurchases of raw materialsBeginning work in
process inventoryRaw materials inventory, beginningEnding work
in process inventory


Raw materials used in production
(Click to select)Direct laborEnding work in process
inventoryPurchases of raw materialsRaw materials inventory,
endingRaw materials inventory, beginning
(Click to select)Manufacturing overhead applied to work in
process inventoryRaw materials inventory, endingRaw materials
inventory, beginningDirect laborPurchases of raw materials

Total manufacturing cost
(Click to select)AddDeduct : (Click to select)Purchases of raw
materialsRaw materials inventory, endingBeginning work in
process inventoryEnding work in process inventoryRaw materials
inventory, beginning


(Click to select)DeductAdd : (Click to select)Ending work in
process inventoryRaw materials inventory, beginningBeginning
work in process inventoryPurchases of raw materialsRaw
materials inventory, ending


Cost of goods manufactured $




b. Prepare a schedule of cost of goods sold. (Input all amounts as positive values. Omit the "$"
sign in your response.)
Valenko Company
Schedule of Cost of Goods Sold

(Click to select)Finished goods inventory, endingOverapplied overheadCost of
goods manufacturedFinished goods inventory, beginningCost of goods available for
sale
$
(Click to select)AddDeduct : (Click to select)Cost of goods available for saleCost of
goods manufacturedOverapplied overheadUnadjusted cost of goods
soldUnderapplied overhead

(Click to select)Finished goods inventory, endingUnadjusted cost of goods soldCost
of goods manufacturedFinished goods inventory, beginningCost of goods available
for sale
(Click to select)AddDeduct : (Click to select)Cost of goods available for saleCost of
goods manufacturedOverapplied overheadFinished goods inventory,
endingUnderapplied overhead

(Click to select)Cost of goods manufacturedFinished goods inventory,
endingFinished goods inventory, beginningUnderapplied overheadUnadjusted cost
of goods sold
(Click to select)DeductAdd : (Click to select)Cost of goods
manufacturedOverapplied overheadCost of goods available for saleFinished goods
inventory, endingUnderapplied overhead

Adjusted cost of goods sold $





c. Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$"
sign in your response.)

Valenko Company
Income Statement
(Click to select)Depreciation expenseSalesSelling
expensesAdministrative expenseCost of goods sold $
(Click to select)Administrative expenseSelling
expensesDepreciation expenseSalesCost of goods sold

(Click to select)Gross lossGross margin
Selling and administrative expenses:
(Click to select)Depreciation expenseRent expenseSelling
expensesInsurance expenseAdministrative expense $
(Click to select)Insurance expenseDepreciation expenseSelling
expensesRent expenseAdministrative expense

(Click to select)Net operating incomeNet operating loss ...Read Less

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