Betty\'s Design Projected Income Statement As of December 31, 2017 25,000 Lamps

Question

Betty's Design Projected Income Statement As of December 31, 2017 25,000 Lamps $ 1,125,000.00 Sales Cost of Goods Sold Gross Proft Selling expenses: $45.00 $28.93 401,750.00 Fixed Variable 23,000.00 Z875000 101,750.00 42,000.00 150000 43500.00 (Commission per unit) $3.15 Administrative Expenses: Fixed Variable $0.06 Total Selling and Administrative Expenses Net Profit 145,250.00 $ 256,500.00 Betty's Design Projected Balance Sheet As of December 31,2017 Current Assets Cash Accounts Receivable Inventory S 34,710.00 67,500.00 Raw Material Figurines 500 $9.20 500@ $1.25 4,600.00 625.00 Electrical Sets Work in Process Finished Goods Total Current Assets 0 3000@ $28.93 86,790.00 194,225.00 Fixed Assets Equipment S 20,000.00 6 800.00 Total Fixed Assets TotalAssets 13,200.00 S 207,425.00 Current Liabilities Accounts Payable $ 54,000.00 S 54,000.00 Total Liabilities Common Stock Total Stockholder's Equity Equity Stockholder's Equity $ 12.000.00o Retained Earnings aities a tochalders 153.425.00

Explanation / Answer

Physical flow of units: Work in process-beginning 2900 units Units started this period 22500 units Units to account for 25400 units Total transferred out (25400-4000) 21400 units Work in process-ending 4000 units Total accounted for 25400 units Equivalent units: Direct materials Conversion (Labor+overhead) Total transferred out (A) 21400 21400 Units at the end (B) 4000 4000 % of completion © 20% 20% Equivalent units at the end (D=B*C) 800 800 Total equivalent units (A)+(D) 22200 22200 Cost per equivalent units: Direct materials Conversion (Labor+overhead) Cost at the beginning 1334 53156.25 (35437.5+17718.75) Cost added during the month 11250 13505.625 (9003.75+50% of 9003.75) Costs to be accounted for 12584 66661.875 Total equivalent units 22200 22200 Cost per equivalent units 0.57 3.00 Cost of ending inventory Direct materials Conversion (Labor+overhead) Units at the end (A) 4000 4000 Cost per equivalent units (B) 0.57 3.00 % of completion © 20% 20% Total cost (A*B*C) 453.48 2402.23 Cost of units transferred Direct materials Conversion (Labor+overhead) Total transferred out (A) 21400 21400 Cost per equivalent units (B) 0.57 3.00 Total cost (A*B) 12130.52 64259.65

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