Question

Accounting

Charlie Manufacturing Company. Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement B Click the icon to view the schedule of cost of goods manufactured.) (Click the icon to view the income statement.) Fill in the blanks with the missing words, and replace the Xs with the correct amounts. First we will fill in the missing information on the schedule of cost goods manufactured. Select the heading, then complete the schedule. Charlie Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended June 30, 2018 Beginning Work-in-Process Inventory $ 20,000 Direct Materials Used Beginning Direct Materials Purchases of Direct Materials 55,000 78,000 (22,000) Ending Direct Materials Direct IN Direct 46,000 Manufacturing Overhead Total Costs 172,000 Total Costs Ending (20,000) Now we will fill in the missing information on the income statement. Select the heading, then complete the statement. Choose from any list or enter any number in the input fields and then continue to the next question. ?

Answer 1

Answer:-

CHARLIE MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured
Month Ended June 30, 2018
Beginning Work-in-Process Inventory			$ 20,000
Direct Materials Used:
Beginning Direct Materials	$23,000
Purchases of Direct Materials	55,000
Direct Materials Available for Use	78,000
Ending Direct Materials	(22,000)
Direct Materials Used		$ 56,000
Direct Labor		70,000
Manufacturing Overhead		46,000
Total Manufacturing Costs Incurred During the Month			172,000
Total Manufacturing Costs to Account For			192,000
Ending Work-in-Process Inventory			(20,000)
Cost of Goods Manufactured			$ 172,000

Missing Amounts:

Beginning Direct Materials:
Direct Materials Available for Use	$ 78,000
Purchases of Direct Materials	(55,000)
Beginning Direct Materials	$ 23,000

Direct Materials Used:
Direct Materials Available for Use	$ 78,000
Ending Direct Materials	(22,000)
Direct Materials Used	$   56,000

Direct Labor:
Total Manufacturing Costs Incurred During the Month	$  172,000
Manufacturing Overhead	(46,000)
Direct Materials Used [calculated above]	(56,000)
Direct Labor	$   70,000

Total Manufacturing Costs to Account For:
Beginning Work-in-Process Inventory	$    20,000
Total Manufacturing Costs Incurred During the Month	172,000
Total Manufacturing Costs to Account For	$ 192,000

Cost of Goods Manufactured:
Total Manufacturing Costs to Account For [calculated above]	$ 192,000
Ending Work-in-Process Inventory	(20,000)
Cost of Goods Manufactured	$  172,000

CHARLIE MANUFACTURING COMPANY
Income Statement
Month Ended June 30, 2018
Net Sales Revenue		$ 480,000
Cost of Goods Sold:
Beginning Finished Goods Inventory	$  116,000
Cost of Goods Manufactured	172,000
Cost of Goods Available for Sale	288,000
Ending Finished Goods Inventory	(69,000)
Cost of Goods Sold		219,000
Gross Profit		261,000
Selling and Administrative Expenses:
Selling Expenses	91,000
Administrative Expenses	63,000
Total Selling and Administrative Expenses		154,000
Operating Income		$  107,000

Missing Amounts:

Net Sales Revenue:
Cost of Goods Sold	$  219,000
Gross Profit	261,000
Net Sales Revenue	$ 480,000

Cost of Goods Manufactured:

[From the Schedule of Cost of Goods Manufactured]

Cost of Goods Available for Sale:
Beginning Finished Goods Inventory	$  116,000
Cost of Goods Manufactured	172,000
Cost of Goods Available for Sale	$ 288,000

Ending Finished Goods Inventory:
Cost of Goods Available for Sale  [calculated above]	$   288,000
Cost of Goods Sold	(219,000)
Ending Finished Goods Inventory	$     69,000

Administrative Expenses:
Total Selling and Administrative Expenses	$  154,000
Selling Expenses	(91,000)
Administrative Expenses	$    63,000

Operating Income:
Gross Profit	$   261,000
Total Selling and Administrative Expenses	(154,000)
Operating Income	$   107,000