Question

USUUN Hp Consider the following account balances (in thousands) for the Sillow Corporation: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017 2. Revenues (in thousands) for 2017 were $1,200,000. Prepare the income statement for 2017 Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017 Start with the direct materials and labor costs, then manufacturing overhead costs, and complete the schedule by calculating cost of goods manufactured Sillow Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials Direct materials used Direct manufacturing labor Choose from a list oronto any number in the input fields then in Ch a n

Answer 1

	Sillow Corporation
	Schedule of Cost of Goods Manufactured
	For the year ended December, 2017
	Description	Amount
	Opening Stock - Raw Material	132,000.00
	Add: Purchase - Raw Material	265,000.00
	Add: Direct Labour/Wages	215,000.00
	Less: Closing Stock - Raw Material	69,000.00
	PRIME COST (A)	543,000.00
	Add:- Over Heads Expenses Factory
	Repairs and Maintenance	11,000.00
	Other Indirect Wages	103,000.00
	Plant Utilities	23,000.00
	Insurance - Factory	2,000.00
	Depreciation - Factory	43,000.00
	WORKS COST INCURRED	725,000.00
	Add: Opening Stock - Work in Progress	168,000.00
	Less: Closing Stock - Work in Progress	142,000.00
	WORKS COST (A+B)	751,000.00
	Add:-Administration Over Heads:
	General and administration cost	66,000.00
	Equipment Leasing Cost	62,000.00
	COST OF PRODUCTION (B+C)	879,000.00
	Add: Opening Stock - Finished Goods	230,000.00
	Less: Closing Stock - Finished Goods	204,000.00
	COST OF GOODS SOLD (C+D)	905,000.00
	Add:- Selling and Distribution Overhead Expenses:-
	Marketing, Distribution and Customer Service Needs	129,000.00
	COST OF SALES (D+E)	1,034,000.00
	ADD: PROFIT	166,000.00
	SALES	1,200,000.00