Schedule of cost of goods sold template

Quantitative Analysis

Quantitative Analysis:

Complete the following schedules/statements on the Student Template tab:

Prepare a schedule of raw materials placed in production for the year ended December 31, 2018.
Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018
Prepare a schedule of cost of goods sold for the year ended December 31, 2018.
Prepare an income statement for the year ending December 31, 2018.
Qualitative Analysis:

Analyze the results of the quantitative analysis. Provide recommendations to management of Paisley Industries based on the results of their 2018 operations.

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Deliverables
Quantitative Analysis (Excel required): You are required to use the provided Excel workbook to complete the quantitative analysis for this assignment.

Qualitative Analysis (Word required): Prepare a 2-page summary addressing the required qualitative analysis, as noted in the Student Workbook. Your paper is required to be formatted according to APA requirements. Be sure to incorporate key concepts from this week's readings and properly cite your references according to APA requirements. Do NOT embed the results of your quantitative analysis in your Word document. You should only reference parts of your quantitative analysis in your written analysis. Your written responses to the qualitative prompts should not be presented in a question and answer format.

Requirements
Paisley Industries
Quantitative Analysis:
The information on the Data tab was collected for Paisley Industries.
Complete the following schedules/statements on the Student Template tab:
a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2018.
b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018.
c. Prepare a schedule of cost of goods sold for the year ended December 31, 2018.
d. Prepare an income statement for the year ending December 31, 2018.
Qualitative Analysis:
Analyze the results of the quantitative analysis. Provide recommendations to management of Paisley Industries based on the results of their 2018 operations.
Data
Paisley Industries
The following information is for Paisley Industries for the year ended December 31, 2018.
Raw materials inventory beginning balance $25,000
Raw materials inventory ending balance $19,000
Work-in-process inventory beginning balance $1,645,000
Work-in-process inventory ending balance $1,795,000
Finished goods inventory beginning balance $1,225,000
Finished goods inventory ending balance $1,045,000
Raw material purchases $295,000
Direct labor used in production $370,000
Manufacturing overhead $1,885,000
Selling costs $265,000
General and administrative $715,000
Sales revenue $3,790,000
Indirect Materials included in Raw Materials placed in production $31,000
Student Template
Paisley Industries
Income Statement and Supporting Schedules.
Note: You are required to use referencing formulas to pull the numbers in from the data tab (yellow cells) and to calculate all required numbers (grey cells).

Schedule of Raw Materials Placed in Production
Year Ended
Raw materials inventory, beginning balance
Add current period raw materials purchases
Raw materials available for production
Less raw materials inventory, ending balance
Raw materials placed in production
Less indeirect materials included in manufacturing overhead
Direct materials placed in production

Schedule of Cost of Goods Manufactured
Year Ended
WIP Inventory, beginning balance
Add current period manufacturing cots:
Direct Materials
Direct Labor
Manufacturing Overhead
Total current period manufacturing costs
Total cost of work in process
Less WIP Inventory, ending balance
Cost of goods manufactured

Schedule of Cost of Goods Sold
Year Ended
Finished goods inventory, beginning balance
Add cost of goods manufactured
Cost of goods available for sale
Less finished goods inventory, ending balance
Cost of goods sold

Income Statement
Year Ended
Sales
Cost of goods sold
Gross profit
Less operating (nonmanufacturing) expenses:
Selling
General and administrative
Operating profit