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Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies to the questions disp
10. Paid $52,000 for rent and utility costs on the manufacturing facility. 11. Paid $76,000 for inventory holding expenses fo
ANTIOCH COMPANY Financial Statements Model Assets Stockholders Equity Event Cash R Materials Work in Process Finished Goods
ANTIOCH COMPANY Financial Statements Model Income Statement Statement of Cash Flow Office Furniture Manufacturing Equipment R
Required information PEN Earnings 212000 (24.000) (60.000) (24,000) 60 000 (89000) 89.000 (80,000) (80,000) (108.000) (170,00
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10.3 The following information applies to the questions disp
11. Paid $76,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse
ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2018 Beginning raw materials
Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventor
c-2. Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, 2018 C-
Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventor
C-3. Prepare a balance sheet for the year. ANTIOCH COMPANY Balance Sheet As of December 31, 2018 Assets Total assets Stockhol
| SELS Total assets Stockholders Equity Total stockholders equity
0 0
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Answer #1

Part a)

Accounting Equation of the Transaction:
Assets: = Stockholders' Equity Income Statement Cash Flow Statement
Event Cash + RM + WIP + FG + Equip-Office Equip-manuf. = C S + R E Reve. - Expenses = Net Income Add/Deduct Activity
Ob 678000 71000 18000 44000 = 599000 212000 =
1 -24000 = -24000 = -24000 OA
2 -60000 60000 = = -60000 OA
3 -89000 89000 = =
4 -80000 = -80000 = -80000 OA
5 -108000 108000 = = -108000 OA
6 -170000 170000 = = -170000 IA
7 -20000 = -20000 =
8 -172000 172000 = = -172000 IA
9 18000 -18000 = =
10 -52000 52000 = = -52000 OA
11 -76000 = -76000 = -76000 OA
12 -246000 246000 = =
13 435000 = 435000 = 435000 OA
14                                                -145800                                          =                                                      -145800 =                        
Total 371000 42000 39000 144200 150000 154000 = 599000 212000 435000 -345800 = 89200 -307000
G total 900200 = 900200
c-1) Cost of goods manufactured:
Amount $
Op WIP 18000
RM:
Op RM 71000
add:Purchase 60000
Total available 131000
Less:Cl RM 42000
RM used 89000
DL 108000
Overhead:
Depre of equip 18000
utilities & rent 52000
Overhead applied 70000
Manufacturing added 267000
Total WIP 285000
Less:Cl WIP 39000
Cost of Goods manufactured 246000
Add:Op FG 44000
Goods available for sale 290000
Less:Cl FG 144200
cost of goods sold 145800
c-2) Income Statement:
Amount $
Sales 435000
Less:COGS 145800
Gross Profit 289200
Less:Admin & Selling exp.:
R&D cost 24000
salaries 80000
Depre. 20000
Holding cost 76000
Total admin & selling exp. 200000
Net Income 89200
c-3) Balance Sheet:
Assets Amount $
Cash 371000 Note 1
Inventory:
RM 42000
WIP 39000
FG 144200
Equipments:
Manufacturing 172000
Admin 170000
Less:Acc. Dep.:
Manufacturing -18000
Admin -20000
Total Assets 900200
Liabilities & Equity: Amount $
Common Stock 599000
RE (212000+89200) 301200
Total Liability & Equity 900200
Note1:Cash = (678000-24000-60000-80000-108000-170000-172000-52000-76000+435000)
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