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Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period, they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Finished Goods Beginning Inventory Cost of Goods Manufactured Account Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold WIP Inventory Based on your work above, compete the Inventory section of the Balance Sheet as of the end of the period. Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Balance Sheet Raw Materials Inventory Account Total Inventory Finished Goods Inventory Dollar Amount 21,900 3,150 Amount 10,250

Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period, they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Finished Goods Beginning Inventory Cost of Goods Manufactured Account Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold WIP Inventory Based on your work above, compete the Inventory section of the Balance Sheet as of the end of the period. Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Balance Sheet Raw Materials Inventory Account Total Inventory Finished Goods Inventory Dollar Amount 21,900 3,150 Amount 10,250

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on your work above, compete the Income Statement through Gross Profit for PDI Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Income Statement Sales Cost of Goods Sold Account Amount Gross Profit What is PDI's Gross Margin (gross profit %) (carry to two decimal places) 31,250
Transcribed Image Text:Based on your work above, compete the Income Statement through Gross Profit for PDI Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Income Statement Sales Cost of Goods Sold Account Amount Gross Profit What is PDI's Gross Margin (gross profit %) (carry to two decimal places) 31,250
Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period, they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Finished Goods Beginning Inventory Cost of Goods Manufactured Account Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold WIP Inventory Based on your work above, compete the Inventory section of the Balance Sheet as of the end of the period. Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Balance Sheet Raw Materials Inventory Account Total Inventory Finished Goods Inventory Dollar Amount 21,900 3,150 Amount 10,250
Transcribed Image Text:Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period, they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Finished Goods Beginning Inventory Cost of Goods Manufactured Account Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold WIP Inventory Based on your work above, compete the Inventory section of the Balance Sheet as of the end of the period. Do not use the dollar sign ($). Use whole numbers only (no decimal places). PDI Balance Sheet Raw Materials Inventory Account Total Inventory Finished Goods Inventory Dollar Amount 21,900 3,150 Amount 10,250
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During the period, PDI purchased $4,000 of Iron Ore.  At the end of the period, they had $2,400 of ore left in Raw Materials  They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. 

At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods.

Prepare the Schedule of Cost of Goods Manufactured for PDI.

Do not use dollar signs.  Use whole numbers only (no decimal places)

PDI Schedule of Cost of Goods Manufactured?

 

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