Accounting

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Serial Problem Business Solutions L.O. C2, C4, P2

Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture.

 
Required:
1.

Classify the following manufacturing costs of Business Solutions by behavior and traceability.

 
Product CostsCost by BehaviorCost by Traceability
  1. Monthly flat fee to clean workshop    
  2. Laminate coverings for desktops    
  3. Taxes on assembly workshop    
  4. Glue to assemble workstation component parts    
  5. Wages of desk assembler    
  6. Electricity for workshop    
  7. Depreciation on tools    

Direct materials: $2,100
Factory overhead: $480
Direct labor: $1,000
Beginning goods in process: none (December 31, 2011)
Ending goods in process: $530 (January 31, 2012)
Beginning finished goods inventory: none (December 31, 2011)
Ending finished goods inventory: $380 (January 31, 2012)

2.

Assume the above manufacturing costs. Prepare a manufacturing statement for Business Solutions for the month ended January 31, 2012. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


Business Solutions
Manufacturing Statement
For Month Ended January 31, 2012
  $ $ $ 

Problem 18-2A Part 1

Required:
1.

Classify each cost and its amount as (a) either fixed or variable and (b) either product or period. (The first cost is completed as an example.) (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)


  Cost by Behavior Cost by Function 
  
 
 
 Costs        Variable       Fixed         Product       Period 
1.  Plastic for casing$17,000   $17,000   
2.  Wages of assembly workers 

Problem 18-8A Part-1

Required:
1.

Prepare the company’s 2011 manufacturing statement. (Input all amounts as positive values. Omit the "$" sign in your response.)

  
PLAZA COMPANY
Manufacturing Statement
For Year Ended December 31, 2011
  Direct materials  
  $    

Problem 18-8A Part-2

2.

Prepare the company’s 2011 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. (Input all amounts as positive values. Omit the "$" sign in your response.)

  
PLAZA COMPANY
Income Statement
For Year Ended December 31, 2011
   $  $     $ [removed]  
   
 
 
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