Question

Instructions: Please prepare the Cost of Goods Manufacturing Schedule and Income Statement for the project below. Your answers must be in Excel Spreadsheet format and should be submitted Consider the following account balances (in thousands) for the Ramos Company: The Ramos Compan Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation plant, building, and equipment Repairs and maintenance plant Marketing, distribution, and customer-service costs General and administrative costs End of Beginning of 2019 2019 43,000 30,000 21,000 23,000 15,000 21,000 71,000 18,000 18,000 9,000 11,000 3,000 82,000 20,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2019. 2. Revenues for 2019 were $175 million. Prepare the income statement for 2019.

Answer 1

А B с D E F. H 1 J K L M N o 21000 43000 71000 114000 30000 84000 1 Ramos company 2 Schedule of Cost of Goods Manufactured 3 For the year ended December 31,2019 4 Beginning work in process inventory 5 Direct materials: 6 Beginning raw materials inventory 7 Add:Purchases of raw materials 8 Total raw materials available 9 Less: Ending raw materials inventory 10 Direct materials used in production 11 Direct labor 12 Manufacturing overhead : 13 Indirect manufacturing labor 14 Plant insurance 15 Depreciation - Plant, building and equipment 16 Repairs and maintenance-Plant 17 Total manufacturing overhead 18 Total manufacturing costs added to production 19 Total manufacturing costs to account for 20 Less: Ending work in process inventory 21 Cost of goods manufactured 18000 18000 9000 11000 3000 41000 143000 164000 23000 141000 22 23 24 Sheet236 Sheet237 Sheet238 Sheet239 Sheet240 Sheet241 Sheet242 Sheet243 + Ready a 1009 1 11:49 AM 20-09-2020 11 o O 0x ENG L

B D E F G H 1 K L M N o 175000 135000 40000 82000 20000 24 25 2) 26 Ramos company 27 Income statement 28 For the year ended December 31,2019 29 Revenues 30 Cost of goods sold (Note 1) 31 Gross profit 32 Expenses: 33 Manufacturing, distribution, and customer service costs 34 general and administrative cost 35 Total expenses 36 Net income/(loss) 37 38 Note 1: 39 calculation of cost of goods sold 40 Beginning finished goods inventory 41 Add:Cost of goods manufactured 42 Cost of goods available for sale 43 Less: Ending finished goods inventory 44 Unadjusted cost of goods sold 45 46 102000 -62000 15000 141000 156000 21000 135000 47 Sheet236 Sheet237 Sheet238 Sheet239 Sheet240 Sheet241 Sheet242 Sheet243 + Ready 100% H O ^ 4x ENG 11:49 AM 20-09-2020