Question

Test: Chapter 18 Test Time Remaining: 00:58:32 Submit Test This Question: 20 pts 9 of 19 (7 complete) This Test: 170 pts possible Question Help Yum Yum Treats manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following (Click the icon to view the accounting records.) Read the requirements Requirement 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2018. (For accounts with a $0 balance, make sure to enter"O" in the appropriate column.) Yum Yum Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Direct Materials Used Direct Materials Used Manufacturing Overhead Choose from any list or enter any number in the input fields and then continue to the next question

Answer 1

	Yum Yum Treats
Part 1 -schedule of cost of goods manufactured
	$	$
Direct Materials
Op RM Inventory	13600
Purchases	30000
Total RM available for use	43600
Less CL RM Inventory	9500
Direct Material Use		34100
Direct Labor		21000
Mfg OH
Plant Janitorial services	400
Plant utilities	1600
Rent on Plant	9000
Total MFG OH		11000
Total MFG Cost		66100
Opening W.I.P		0
Less Closing W.I.P		2500
Cost of Goods manufactured		63600
Part 2 -schedule of cost of goods sold		$
Opening F.G		0
Add Cost of Goods Manufactured		63600
Goods available for sale		63600
Less Closing F.G		6100
COGS		57500
Part 2 -Income Statement		$
Sales Revenue		111000
Less COGS		57500
Gross Profit		53500
Less Selling and admin Expenses
Sales Salaries		5100
Delivery Cost		1200
Customer service Hotline Cost		1400
Total selling and admin exp		7700
Net Income		45800
Part 3
Income Statement of Yum Yum treats differ from merchandising company income statement
as it keeps inventory of raw materials,W.I.P and F.G whereas merchandising companies report
COGS as its major expenses.They include cost to purchase inventory and freight costs
Part 4
Unit Product Cost	63600/17500
	$3.63