Finished Goods Sub-Account Statement Assignment

Alameda Products uses a job-order costing system. The company’s inventory balances on April 1, the start of it’s a fiscal year, were as follows: Raw Materials: $26,000 Work-in-Progress: $50,000 Finished Goods: $34,000 Manufacturing Overhead: $0 During the year the following occurred: 1. Raw materials purchased on account: $138,000

2. Raw materials issued from the storeroom for use in production: $100,000 (75% direct materials and 25% indirect materials). 3. Employee salaries and wages paid in cash were as follows: Direct Labor-$160,000; Indirect Labor: $60,000; Selling, General and Administrative Expenses (SG&A period cost) $110,000. 4. Utility Costs incurred in the factory and paid in cash (manufacturing overhead–indirect cost): $20,000. 5. Advertising Costs incurred and paid in cash (period cost): $110,000. 6. Depreciation: $50,000 (80% related to factory assets and considered manufacturing overhead; 20% related to corporate assets and considered a period type depreciation expense). 7. Estimated Manufacturing Overhead applied to jobs in W-I-P at a pre-determined overhead rate of $5.00 per unit produced. 30,000 units produced in the current year. 8. Costs of goods transferred from W-I-P to Finished Goods totaled $380,000. 9. Sales for the year totaled $1,400,000 and were all in cash. The total cost to manufacture these goods was $330,000 and were transferred from Finished Goods to Cost of Goods Sold. 10. Paid Income Tax Expense in cash totaling $200,000. Required—In the spaces provided below please provide the following information: Question 2: On the separate form provided in this Moodle sub-section, post all journal entries to related t-accounts. 5. Prepare the Finished Goods Sub-Account Statement. Properly label all items. .