(my answers were wrong) please help
Solution:
Schedule of cost of goods manufactured (In Millions) | ||
Direct Material: | ||
Direct Material, Jan 1, 2017 | $15 | |
Add: Purchase of direct Material | $325 | |
Total Direct material available for use | $340 | |
Less: Direct Material, Dec 31, 2017 | $20 | |
Direct Materials used in production | $320 | |
Direct manufacturing Labor | $100 | |
Indirect Manufacturing costs: | ||
Depreciation—plant, and equipment | $80 | |
Plant Supervisory salaries | $5 | |
Miscellaneous Plant overhead | $35 | |
Plant Supplies used | $10 | |
Plant Utilities | $30 | |
Indirect manufacturing Labor | $60 | |
Total Indirect Manufacturing costs | $220 | |
Total Manufacturing Costs | $640 | |
Add: Work in Process, Jan 1, 2017 | $10 | |
Subtotal | $650 | |
Less: Work in Process, Dec 31, 2017 | $5 | |
Cost of goods manufactured | $645 |
Income Statement (in Millions) | ||
Sales revenue | $950 | |
Cost of Goods sold: | ||
Cost of goods manufactured | $645 | |
Add: Finished goods, Jan 1, 2017 | $70 | |
Total Cost of goods available for sale | $715 | |
Less: Finished Goods, Dec 31, 2017 | $55 | |
Cost of goods sold | $660 | |
Gross Profit | $290 | |
Less: Marketing, distribution, and customer-service costs | $240 | |
Net Income | $50 |
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