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Assignment 1 accounting 2242 summer 1 2020 student solution

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Accounting 2242 Assignment #1 Due on May 24
th
@ 11:30 PM 35 points
Please complete in Excel or Word and upload to the Dropbox
Question #1
The following information is available for Boat Lift Manufacturing Company for the year ended
Dec 31, 2019:
Sales $300,000
Work in process Jan 1
st
21,000
Work in process Dec 31
st
18,500
Direct Materials Inventory Jan 1
st
22,500
Direct Materials Inventory Dec 31
st
17,800
Finished Goods Inventory Jan 1
st
35,500
Finished Goods Inventory Dec 31
st
14,200
Direct Materials Purchased 31,800
Direct Labour 54,000
Supervisory & Indirect Labour 24,700
Administrative Salaries 38,500
Supplies & Indirect Materials 5,200
Heats/lights/power (65% for manufacturing plant) 30,600
Amortization (75% for manufacturing plant) 38,000
Property Taxes (70% for manufacturing plant) 10,100
Administrative Costs 9,750
Marketing Costs 27,100
Required:
1. Prepare a schedule of Cost of Goods Manufactured for the Year Ended December 31,
2019. (13 points)
2. Prepare an income statement for the year ended Dec 31, 2019. Make sure you show
your cost of goods sold calculation. (12 points)

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COGM
DM Used:
DM Inventory Jan 1 22,500 (1)
DM Purchased 31,800 (1)
DM Inventory Dec 31 (17,800) (1) 36500
Direct Labour 54000 (1)
MOH
Supervisory & Indirect Labour 24,700 (1)
Supplies & Indirect Materials 5,200 (1)
Heat, light/Power (30,600*65%) 19,890 (1)
Amortization (38,000*75%) 28,500 (1)
Property Taxes (10,100*70%) 7,070 (1) 85,360
Total Manufacturing Costs 175,860
WIP JAN 1
st
21,000 (1)
WIP Dec 31
st
(18,500) (1)
COG Manufactured 178,360 (2)

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Accounting 2242 – Assignment #1 – Due on May 24th @ 11:30 PM – 35 points Please complete in Excel or Word and upload to the Dropbox Question #1 The following information is available for Boat Lift Manufacturing Company for the year ended Dec 31, 2019: Sales Work in process – Jan 1st Work in process – Dec 31st Direct Materials Inventory – Jan 1st Direct Materials Inventory – Dec 31st Finished Goods Inventory – Jan 1st Finished Goods Inventory – Dec 31st Direct Materials Purchased Direct Labour Supervisory & Indirect Labour Administrative Salaries Supplies & Indirect Materials Heats/lights/power (65% for manufacturing plant) Amortization (75% for manufacturing plant) Property Taxes (70% for manufacturing plant) Administrative Costs Marketing Costs $300,000 21,000 18,500 22,500 17,800 35,500 14,200 31,800 54,000 24,700 38,500 5,200 30,600 38,000 10,100 9,750 27,100 Required: 1. Prepare a schedule of Cost of Goods Manufactured for the Year Ended December 31, 2019. (13 points) 2. Prepare an income statement for the year ended Dec 31, 2019. Make sure you show your cost of goods sold calculation. (12 points) COGM DM Used: DM Inventory Jan 1 22,500 (1) DM Purchased ...
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