Question

The following data (in thousands of dollars) have been taken from the accounting records of Karling...

The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.

Sales..........................................................

$990

Raw materials inventory, beginning.........

$40

Raw materials inventory, ending...............

$70

Purchases of raw materials........................

$120

Direct labor................................................

$200

Manufacturing overhead...........................

$220

Administrative expenses...........................

$150

Selling expenses........................................

$140

Work in process inventory, beginning......

$70

Work in process inventory, ending...........

$50

Finished goods inventory, beginning........

$120

Finished goods inventory, ending.............

$160

a.         The cost of goods manufactured (finished) for the year (in thousands of dollars) was:

b.         The cost of goods sold for the year (in thousands of dollars) was:

c.         The net operating income for the year (in thousands of dollars) was

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Answer #1

a.

schedule of cost of goods manufactured

Raw materials inventory, beginning 40
Purchases of raw materials 120
Total raw material available 160
Raw materials inventory, ending -70
Direct material used 90
Direct labor 200
Manufacturing overhead 220
Total manufacturing cost 510
Work in process inventory, beginning 70
Work in process inventory, ending -50
Cost of goods manufactured $530

b.

Schedule of cost of goods sold

Finished goods inventory, beginning 120
Cost of goods manufactured 530
Cost of goods sold available for sale 650
Finished goods inventory, ending -160
Cost of goods sold $490

c.

Income statement

Sales 990
Cost of goods sold -490
Gross profit 500
Administrative expenses -150
Selling expense -140
Net operating income $210
(in thousands of dollars)
a Cost of goods manufactured $530
b Cost of goods sold $490
c Net operating income $210

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