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    ashnizzle's Avatar
    ashnizzle Posts: 3, Reputation: 1
    New Member
     
    #1

    Apr 26, 2009, 09:17 PM
    Management accounting
    Hey guys I'm just doing revision for my test and have come upon a question that I'm kind of stuck on. The question is

    Advertising expense $215,000
    Insurance, factory expense $8,000
    Depreciation, sales equipment $40,000
    Rent, factory building $90,000
    Utilities, factory $52,000
    Sales commissions $35,000
    Cleaning supplies factory $6,000
    Depreciation factory equipment $110,000
    Selling and admin salaries $85,000
    Maintenance factory $74,000
    Direct labor ?
    Purchases of raw materials $260,000



    Raw materials opening $50,000
    Raw materials end $40,000
    WIP opening ?
    WIP closing $33,000
    Finished Goods opening $30,000
    Finishes Goods closing ?

    Total manufacturing costs for the year were $675,000; the goods available for sale totaled $720,000; and the cost of goods sold totaled $635,000

    We got to prepare cost of goods manufactured and income statement

    So far I've come up with direct labor as $197,000
    WIP closing 33,000
    Cost of Goods Manufactured $690000
    Finished Goods closing $85,000
    Total Selling and Admin expenses $507,000

    Now I can't figure out the sales/revenue and the gross margin in the income statement.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #2

    Apr 28, 2009, 12:38 AM

    For your test? Has it occurred to you the ethics involved in asking a bunch of people online about how to do YOUR test?

    (Hmm... wondering what happens when the day comes when all our doctors and such are passing their classes this way.)

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