Show T-accounts for the Inventory Accounts and for Manufacturing Overhead. Prepare an income statement.
Chaos Manufacturing had the following financial information for the year ended December 31, 2021:Inventory Balances: Beginning Ending
Work in Progress $ 90,000 $ 50,000
Finished Goods $ 57,000 $ 75,000
Raw Materials $ 10,000 $ 20,000
During the year, the budgeted and actual costs were as follows:
Note
Budget
Actual
Raw Materials
1
200,000
See note1
Labour
2
440,000
418,000
Depreciation Factory Equipment
72,000
72,000
Depreciation Office Equipment
24,000
24,000
Building Rent
3
100,000
100,000
Maintenance – Factory Equipment
64,000
40,000
Utilities – Electrical
4
200,000
180,000
Sales Commissions
40,000
40,000
Advertising
25,000
25,000
Shipping
5
20,000
17,000
Other information
Budget
Actual
Direct Labour Hours
20,000
17,000
Sales for the year were $1,500,000
Note 1 – Raw material
Budget: 90% of raw materials are traced directly to specific jobs, and the remaining 10% of raw materials are related to production but are untraceable to specific jobs
Actual: during the year $20,000 worth of materials were untraceable, and the rest were directly traced and applied to WIP.
During the year $200,000 of raw materials were purchased
Note 2 – Labour
Budget:
Direct Labour $200,000 Factory Salaries $80,000 Sales and Marketing Salaries $160,000 = $440,000
Actual:
Direct Labour $170,000 Factory Salaries $85,000 Sales and Marketing Salaries $163,000 = $418,000
Note 3 – Building Rent
The building is all for the manufacturing facility
Note 4 – Utilities Electrical
For both budget and actual costs, 80% of these costs are related to the factory, and 20% of these costs are related to the administrative office.
Note 5 – Shipping
Budget: 20% of budgeted shipping costs were for the delivery of raw materials to the manufacturing facility, and the remaining 80% of the shipping costs are for the delivery of finished goods to customers.
Actual: All of the shipping costs were for the delivery of finished goods to the customer.
Note 6 – Overhead
The manufacturer uses Normal Costing. Overhead is allocated based on Direct Labour costs.
The company is unsure how to treat under/over applied overhead.
Required:
Show T-accounts for the Inventory Accounts (Raw Materials, WIP, Finished Goods) and for Manufacturing Overhead.
Prepare an income statement. You may include a schedule of Cost of Goods Manufactured and Cost of Goods Sold as part of the Income Statement or as separate schedules.
Explain which options the company can use to allocate any under/over applied overhead. Identify which option you chose and why it was chosen.
Accounting Question
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After reviewing, please answer the following questions:
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Show T-accounts for the Inventory Accounts and for Manufacturing Overhead. Prepare an income statement.
Chaos Manufacturing had the following financial information for the year ended December 31 2021:Inventory Balances: Beginning Ending
Work in Progress $ 90,000 $ 50,000
Finished Goods $ 57,000 $ 75,000
Raw Materials $ 10,000 $ 20,000
During the year, the budgeted and actual costs were as follows:
Note
Budget
Actual
Raw Materials
1
200,000
See note1
Labour
2
440,000
418,000
Depreciation Factory Equipment
72,000
72,000
Depreciation Office Equipment
24,000
24,000
Building Rent
3
100,000
100,000
Maintenance – Factory Equipment
64,000
40,000
Utilities – Electrical
4
200,000
180,000
Sales Commissions
40,000
40,000
Advertising
25,000
25,000
Shipping
5
20,000
17,000
Other information
Budget
Actual
Direct Labour Hours
20,000
17,000
Sales for the year were $1,500,000
Note 1 – Raw material
Budget: 90% of raw materials are traced directly to specific jobs, and the remaining 10% of raw materials are related to production but are untraceable to specific jobs
Actual: during the year $20,000 worth of materials were untraceable, and the rest were directly traced and applied to WIP.
During the year $200,000 of raw materials were purchased
Note 2 – Labour
Budget:
Direct Labour $200,000 Factory Salaries $80,000 Sales and Marketing Salaries $160,000 = $440,000
Actual:
Direct Labour $170,000 Factory Salaries $85,000 Sales and Marketing Salaries $163,000 = $418,000
Note 3 – Building Rent
The building is all for the manufacturing facility
Note 4 – Utilities Electrical
For both budget and actual costs, 80% of these costs are related to the factory, and 20% of these costs are related to the administrative office.
Note 5 – Shipping
Budget: 20% of budgeted shipping costs were for the delivery of raw materials to the manufacturing facility, and the remaining 80% of the shipping costs are for the delivery of finished goods to customers.
Actual: All of the shipping costs were for the delivery of finished goods to customer.
Note 6 – Overhead
The manufacturer uses Normal Costing. Overhead is allocated based on Direct Labour costs.
The company is unsure how to treat under/over applied overhead.
Required:
Show T-accounts for the Inventory Accounts (Raw Materials, WIP, Finished Goods) and for Manufacturing Overhead.
Prepare an income statement. You may include a schedule of Cost of Goods Manufactured and Cost of Goods Sold as part of the Income Statement or as separate schedules.
Explain which options the company can use to allocate any under/over applied overhead. Identify which option you chose and why it was chosen.
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