William T Sherman Company

Financial Data
December 31, 2021

Input Area Costs Incurred

Direct labor cost $ 64,500
Purchases of raw materials 98,600
Inderict labor 32,500
Maintenance, factory equipment 7,200
Ad expense 91,300
Insurance, factory equipment 800
Salesperson salaries 50,000
Administrative salaries 45,000
Rent, factory facitlites 20,000
Supplies, factory 1,650
Depreciation, factory equipment 17,800
Sales 525,000

Beginning of the year End of the year

Inventories;
Raw Materials $ 7,300 $ 13,800
Work in Process 9,400 6,100
Finished Goods 21,300 34,800

Impact Area
William T Sherman Company
Schedule of Costs of Good Manufactured
For Year End December 31, 2021
Direct Materials:
Raw materials inventory, beginning $ 7,300
Add: Purchaeses of raw materials 98,600
Raw materials available for use 105,900
Deduct: Raw materials inventory, ending (13,800)
Raw materials used in production $ 92,100
Direct Labor 64,500
Manufacturing overhead
Indirect Labor 32,500
Maintenance, factory equipment 7,200
Insurance, factory equipment 800
Rent, Factory facilities 20,000
Supplies 1,650
Depreciation, factory equipment 17,800
Total overhead costs 79,950
Total manufacturing costs 236,550
Add: Work in process, beginning 9,400
Deduct: Work in process, ending (6,100)
Costs of Goods Manufactured $ 239,850

William T Sherman Company

Income Statement
For Year End December 31, 2021
Sales $ 525,000
Finished Goods inventory, beginning $ 21,300
Add: cost of goods manufactured 239,850
Goods available for use 261,150
Deduct: Finished Goods invdntory, ending (34,800)
Cost of Goods Sold 226,350
Gross Margin 298,650
Administrative and selling expenses
Adminisrative expensive 45,000
Selling expense (salesperson salary + ad expense) 141,300
Total administrative and selling expenses 186,300
Net Income $ 112,350

Created by Nick Altier

4/19/2021 3:00
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 Company
ata
2021