| Paisley Industries |
| Income Statement and Supporting Schedules. |
| Note: You are required to use referencing formulas to pull the numbers in from the data tab (yellow cells) and to calculate all required numbers (grey cells). |
| Paisley Industries |
| Schedule of Raw Materials Placed in Production |
| Year Ended 2018 |
| Raw materials inventory, beginning balance | | $25,000 |
| Add current period raw materials purchases | | $295,000 |
| Raw materials available for production | | $320,000 |
| Less raw materials inventory, ending balance | | $19,000 |
| Raw materials placed in production | | $301,000 |
| Less indeirect materials included in manufacturing overhead | | $31,000 |
| Direct materials placed in production | | $270,000 |
| Paisley Industries |
| Schedule of Cost of Goods Manufactured |
| Year Ended 2018 |
| WIP Inventory, beginning balance | | $1,645,000 |
| Add current period manufacturing cots: |
| Direct Materials | $ 295,000 |
| Direct Labor | $ 370,000 |
| Manufacturing Overhead | $ 1,885,000 |
| Total current period manufacturing costs | | $2,550,000 |
| Total cost of work in process | | $4,195,000 |
| Less WIP Inventory, ending balance | | $1,795,000 |
| Cost of goods manufactured | | $2,400,000 |
| Paisley Industries |
| Schedule of Cost of Goods Sold |
| Year Ended 2018 |
| Finished goods inventory, beginning balance | | $1,225,000 |
| Add cost of goods manufactured | | $2,400,000 |
| Cost of goods available for sale | | $3,625,000 |
| Less finished goods inventory, ending balance | | $1,045,000 |
| Cost of goods sold | | $2,580,000 |
| Paisley Industries |
| Income Statement |
| Year Ended 2018 |
| Sales | | $3,790,000 |
| Cost of goods sold | | $2,580,000 |
| Gross profit | | $1,210,000 |
| Less operating (nonmanufacturing) expenses: |
| Selling | | $265,000 |
| General and administrative | | $715,000 |
| Operating profit | | $230,000 |
Berline90
BU610_Unit_1_Student_Workbookwk13.xlsx
