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At the end of their fiscal year 20X2, Exxon Specialities had the following balances listed...

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Question

Accounting

At the end of their fiscal year 20X2, Exxon Specialities had the following balances listed on its balance sheet:

6 points

Account

Raw materials inventory

Work in process inventory

Finished goods inventory

Balance

$ 21,000

32,500

36,500

During the following year, 20X3, Exxon Specialities purchased raw costing $375,000 and used $359,500 of those raw materials in production. Total direct labor costs amounted to $204,000. Overhead applied to work in process was $183,800, but actual overhead costs totaled $180,500. During the year, Exxon Specialities completed products costing a total of $704,500. Their total selling and administrative expenses for the year were $206,000. Product sales were $985,00 for goods costing $696,000 to produce. All transactions were in cash.

  1. Using this information, prepare a schedule of cost of goods manufactured and sold for Exxon Specialities for Year 20X3. You may abbreviate (e.g., DM for direct materials).
  2. Using this information, prepare Exxon Specialities' income statement for Year 20X3. You may abbreviate (e.g., DM for direct materials).
  3. Calculate the balances that would be reported on 20X3 balance sheet for Raw Materials, Work in Process, and Finished Goods Inventory.

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