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2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs 27 8 11 24 52 3 4 Direct materials purchased 38 Direct manufacturing labor 49 Plant supplies used 32 Property taxes on plant 355 94 84 42 Calendars manufacturing costing system uses a three-part classification of direct materials, direct manu- facturing labor, and manufacturing overhead costs Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additional questions regarding these facts, see the next problem.) Required

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Calendar Corporation Cost Of Goods Manufactured For Year 2011 Amount $ in | Amount S in Millions Millions Particulars 1. Raw Materials Used: Beginning Inventory Add: Purchases Raw Material available for Use Less: Ending Inventory 2. Direct Labour 3. Factory Overheads Plant Utilities Indirect Manufacturing Labor De S32.00 $84.00 $116.00 $8.00 $108.00 S42.00 $9.00 S27.00 $6.00 $15.00 $4.00 $2.00 preciation - Plant and Equipment Miscellaneous Manufacturing Overheads Plant Supplies used Property Taxes on Plant Total Manufacturing Costs During the Period Add: Beginning Work In Process Inventory Total Goods in Production Less: Ending Work In Process Inventory Cost Of Goods Manufactured $63.00 S213.00 $18.00 S231.00 $3.00 S228.00Calendar Corporation Income Statement For Year 2011 Amount $ inAmount $ in Millions Millions Particulars Revenue (a) Less: Cost of Goods Sold Beginning Finished Good Inventory Add: Cost of Goods Manufactured Less: Ending Finished Goods Inventory Gross Profit Margin Less: Operating Expense Marketing.distribution, and customer service costs Net Income (Loss) $355.00 $47.00 $228.00 $11.00 $264.00 $91.00 $94.00 (3.00)

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