Accounting Help – Prepare the March income statement for LAE Manufacturing Company?
The following events took place for LAE Manufacturing Company during March, the first month of operations:
a. Purchased 52,000 of materials
b. Used 40,000 of direct materials in production
c. Incurred 60,000 of direct labor wages
d. Incurred 84,000 of factory overhead
e. Transferred 140,000 of work in process to finished goods
f. Sold goods with a cost of 110,000
g. Earned revenues of 250,000
h. Incurred 64,000 of selling expenses
i. Incurred 28,000 of administrative expenses
1)Prepare the March income statement for LAE Manufacturing Company (I know the net income is supposed to equal 48,000, the cost of goods sold section is the part I can’t get to give me the right answer)
2)Determine the inventory balances at the end of the first month of operations.
For anyone that tries to help, thank you, my professor didn’t cover this chapter yet so I have no idea what I’m doing.
(1)
Income Statement
LAE Manufacturing Company
For Month Ended March 31
Revenue: $250,000
Cost of Goods Sold: 110,000
Gross Profit: 140,000
LESS Selling Expenses: 64,000
LESS Admin Expenses: 28,000
Net Income: $48,000
(2)
Materials Inventory is $12,000 (52,000-40,000)
Beginning Materials + Purchased Materials – used materials = ending materials inventory
Work in Progress Inventory is $44,000 (40,000+60,000+84,000) – 140,000
Beginning WIP Inventory + Cost of Goods Manufactured – WIP Inventory transferred out = Ending WIP inventory
Finished Goods Inventory is $30,000 (140,000-110,000)
Beginning Finished Goods Inventory + WIP Inventory transferred in – Cost of Goods Sold = Finished Goods Inventory.
Good Luck in Managerial Accounting! I loved that class.
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