Question

Clipboard Font E67 _ - ABCD 40 Complete the cost of Goods Manufatured Schedule 41 Direct materials 42 1 Beginning Raw materials inv 43 2 Raw materials purchases 44 3 Total raw materials available 45 4 Less: End Raw materials inv 46 5 Direct materials used 47 6 Direct labor 48 49 8 Total manufacturing overhead 50 9 Total manufacturing costs 51 10 Beginning Work in process, 1/1 52 11 Total cost of work in process 53 12 Less: Work in process, 12/31 54 13 Cost of goods manufactured 58 14 Beginning Finished Goods Inventory 57 15 Cost of Goods Manufactured 58 16 Total Goods Available for Sale 59 17 Less ending Finished goods 60 18 Cost of Goods Sold 62 Compete the partial income statement INCOME STATEMENT Sales Cost Goods Sold Gross Profit Selling and Admin Expenses Operating Income (EBIT) 22. Compete the partial balance sheet Balance Sheet CURRENT ASSETS

Answer 1

Cost of Goods Manufactured Schedule
Beginning raw materials inventory	$ 41,375
Raw materials purchases	837,925
Total raw materials available	879,300
Less: Ending raw materials inventory	72,430
Direct materials used	806,870
Direct labor	562,475
Total Prime Costs	1,369,345
Total Manufacturing Overhead	406,360
Total Manufacturing Costs	1,775,705
Add: Work in Process 1/1	13,550
Total Cost of Work in Process	1,789,255
Less: Work in Process 12/31	13,350
Cost of Goods Manufactured	1,775,905
Add: Beginning Finished Goods Inventory	175,250
Cost of Goods Manufactured	1,775,905
Total Goods Available for Sale	1,951,155
Less: Ending Finished Goods	152,750
Cost of Goods Sold	1,798,405

Total Overhead Costs:

Depreciation factory	$ 37,350
Factory supervision	137,250
Factory supplies used	7,050
Factory utilities	35,700
Indirect labor	57,000
Miscellaneous production costs	9,660
Rent expense factory	94,975
Maintenance factory	27,375
Total Manufacturing Overhead	$ 406,360

Income Statement:

Income Statement ( Partial ) For the year ended 12/31
Sales	$ 5,928,721
Cost of Goods Sold	1,798,405
Gross Profit	4,130,316
Selling and Administrative Expenses	398,000
Operating Income ( EBIT )	$ 3,732,316