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Visic Corp Cost Analysis Summary

The document contains cost of goods manufactured statements and income statements for Visic Corporation and two cases, showing costs of raw materials, labor, overhead, and finished goods along with sales, costs of goods sold, and net income. It provides the starting and ending inventory amounts and costs, as well as production and sales quantities, to calculate the costs of goods manufactured and sold.

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Haris Khan
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172 views4 pages

Visic Corp Cost Analysis Summary

The document contains cost of goods manufactured statements and income statements for Visic Corporation and two cases, showing costs of raw materials, labor, overhead, and finished goods along with sales, costs of goods sold, and net income. It provides the starting and ending inventory amounts and costs, as well as production and sales quantities, to calculate the costs of goods manufactured and sold.

Uploaded by

Haris Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Submitted by Nisar Ahmed

Registration# 44150

Problem 2-24
1) Visic Corporation
Cost of Goods Manufactured Statement

Cost of Raw Material (Start) 20000


Raw Material Purchases 480000
Cost of Raw Material Available 500000
Cost of Raw Material (End) 30000
Raw Material Used 470000
Direct Labour 90000
Factory Overhead 300000
Total Manufacturing Cost 860000
Work-in-Progress (Start) 50000
Work-in-Progress (End) 40000
Cost of Goods Manufactured 870000

2) (a) The number of units sold:


1300000/50=26000
The number of units left: 29000-26000=3000 Units

b) Cost of the goods left: 3000*50=$150000

3) Visic Corporation
Income Statement

Sales 1300000
Cost of Goods Sold:
Finished Goods (Start) 0
Cost of Goods Manufactured 870000
Finished Goods (End) 150000
Cost of Goods Sold 720000
Gross Margin 580000
Selling and Admin Expense 380000
Net Operating Income 200000
Problem 2-25

Case 1 Case 2
Schedule of Cost of Goods Manufactured:
Direct Materials 4500 6000
Direct Labour 9000 3000
Manufacturing Overhead 5000 4000
T.M.C 18500 13000
W.I.P (Start) 2500 2000
W.I.P (End) 3000 1000
C.O.G.M 18000 14000
Income Statement
Sales 30000 21000
Finished Goods (Start) 1000 2500
C.O.G.M 18000 14000
Goods Available for Sale 19000 16500
Finished Goods (End) 2000 1500
C.O.G.S 17000 15000
Gross Margin 13000 6000
Admin and Selling Expenses 9000 3500

Net Income 4000 2500


20000

1300000

0
870000
150000
720000
580000
380000
200000
Case 3 Case 4

5000 3000
7000 4000
8000 9000
20000 16000
3000 4500
4000 3000
19000 17500

36000 40000
3500 2000
19000 17500
22500 19500
4000 3500
18500 16000
17500 24000
12500 15000

5000 9000

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