Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 115,000 Work in process Finished goods During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 11,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 25,000 Other 120,000 160,000 165,000 3. Prepare an income statement. 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. EX 2-29 (Algo) Part 3: Prepare an income statement.
Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances the beginning and end of 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $ 55,000 $ 70,000 115,000 Work in process Finished goods During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 11,000 Indirect labor 26,000 Depreciation on plant and equipment 100,000 Utilities 25,000 Other 120,000 160,000 165,000 3. Prepare an income statement. 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. EX 2-29 (Algo) Part 3: Prepare an income statement.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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