Instructions
All information required for this assignment is provided in the
Student Workbook
[Excel] for this unit.
The information on the Data tab was collected for Paisley Industries.
Quantitative Analysis:
Complete the following schedules/statements on the Student Template tab:
Qualitative Analysis:
Analyze the results of the quantitative analysis. Provide recommendations to management of Paisley Industries based on the results of their 2018 operations.
Copying solutions from the Internet is plagiarism; doing so can result in a grade of zero and may result in your flunking this course. Please do not copy solutions from others or from materials found on the Internet. Your instructors have access to tools that make it very likely they will find any instances of plagiarism.
The information on the
tab was collected for Paisley Industries.
Complete the following schedules/statements on the
tab:
Data
| The following information is for Paisley Industries for the year ended December 31, 2018. | ||
| Raw materials inventory beginning balance | $25,000 | |
| Raw materials inventory ending balance | $19,000 | |
| Work-in-process inventory beginning balance | $1,645,000 | |
| Work-in-process inventory ending balance | $1,795,000 | |
| Finished goods inventory beginning balance | $1,225,000 | |
| Finished goods inventory ending balance | $1,045,000 | |
| Raw material purchases | $295,000 | |
| Direct labor used in production | $370,000 | |
| Manufacturing overhead | $1,885,000 | |
| Selling | $265,000 | |
| General and administrative | $715,000 | |
| Sales | $3,790,000 | |
| Indirect Materials included in Raw Materials placed in production | $31,000 |
Student Template
| Income Statement | |||
| 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). | |||
| Schedule of Raw Materials Placed in Production | |||
| Year Ended |
|||
| Raw materials inventory, beginning balance | |||
| Add current period raw materials purchases | |||
| Raw materials available for production | |||
| Less raw materials inventory, ending balance | |||
| Raw materials placed in production | |||
| Less indeirect materials included in manufacturing overhead | |||
| Direct materials placed in production | |||
| Schedule of Cost of Goods Manufactured | |||
| WIP Inventory, beginning balance | |||
| Add current period manufacturing cots: | |||
| Direct Materials | |||
| Direct Labor | |||
| Manufacturing Overhead | |||
| Total current period manufacturing costs | |||
| Total cost of work in process | |||
| Less WIP Inventory, ending balance | |||
| Cost of goods manufactured | |||
| Schedule of Cost of Goods Sold | |||
| Finished goods inventory, beginning balance | |||
| Add cost of goods manufactured | |||
| Cost of goods available for sale | |||
| Less finished goods inventory, ending balance | |||
| Cost of goods sold | |||
| Gross profit | |||
| Less operating (nonmanufacturing) expenses: | |||
| Operating profit |
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