schedules etc

Question 1

prepare a statement that shows operating income while offering the most effective way of attaining info about the company’s activities and its ultimate operating income

Answer 1

Sales xxx
cogs: Beg. Mech inventory xx
add purchases xx
Good avail for use xx
less end Mec Inventor xx xx
Gross Margin xx
selling and admin expenses
selling xx
admin xx xx
operating income xx

Question 2

show a COGS schedule

Answer 2

FG, beginning xx
COGM xx
cost of goods avail for sale xx
FG, ending xx
COGS xx

Question 3

Income statement through gross profit for company that finished goods inventory

Answer 3

Net Sales xx
cogs
FG beginning xx
COGM xx
cost of goods avail for sale xx
FG ending xx
COGS xx
gross profit xx
operating expenses
selling xx
admin xx
total operating expenses xx
operating income xx

Question 4

cogm schedule for service company

Answer 4

Supplies used (dir materials ) xx
salaries of professionals (dir lab) xx
service overhead xx
cost of contract services provided xx

Question 5

Job 105M had direct material cost of $4000. total manufacturing cost of $21,000. MoH is applied at a rate of 75% of the prime cost. how much MOH was applied

Answer 5

Step 1: 
 Dir mat + dir Lab = Prime cost
step 2: 
Dir Mat + Dir lab + Applied MOH = total Man. Cost
4,000 + DL+.75 (4,000 +DL) = 21,000
Thus DL = 8,000
And MOH = .75 (4,000 + 8,000) = 9,000