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You have been asked by the CEO of Mountaineer Company to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. 1. (a) Do the accounts shown in the Tableau Dashboard suggest Mountaineer Company is a manufacturer or a merchandiser

Respuesta :

The accounts are shown below for Mountaineer Company                                        

                                           Mountaineer Company

                                             Income statement

                                     For the ended December 31  

  • Sales revenue                                                              $1,000,000
  • Cost of goods sold    
  • Finished goods inventory beginning    $50,000  
  • Add cost of goods manufactured         $444,000   
  • Cost of goods available for sale                                 $494,000
  • Less finished goods inventory, ending                     ($54,000)
  • Cost of goods sold                                                     ($440,000)
  • Gross profit                                                                   $560,000
  • Operating expenses    
  • General and administrative expenses   $75,000  
  • Selling expenses                                     $103,500  
  • Less Total operating expenses                                  ($178,500)
  • Net income                                                                  $381,500

                                    Cost of goods manufactured

  • Direct materials    
  • Beginning raw materials inventory       $60,000  
  • Add purchase                                         $140,000  
  • Total raw materials available                 $200,000  
  • Less ending raw materials inventory ($64,000)  
  • Raw materials used                                                        $136,000
  • Direct labor                                                                     $180,000
  • Manufacturing overhead    
  • Factory rent                                            $45,000  
  • Repair expenses                                    $11,500  
  • Factory utilities                                        $9,500  
  • Factory supplies                                      $14,000  
  • Indirect labor                                           $38,000  
  • Total manufacturing cost                                             $118,000
  • Add beginning work in process inventory                   $43,000
  • Less ending work in process inventory                       ($33,000)
  • Cost of goods manufactured                                      $444,000

To learn more about income statement, click the links.

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