Question

please complete all 3 parts. Thank

Consider the following account balances in thousands) for the Benesch Company Click the icon to view the account balances) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017 2. Revenues for 2017 were $265 million. Prepare the income statement for 2017 Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017 Begin by preparing the schedule of cost of goods manufactured in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured Benesch Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 in thousands) Direct materials Choose from any list or enter any number in the input folds and then click Check Answer 3 parts Clear All Check Answer remaining hp

Answer 1

72000 24000 Answer: Benesch Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (In Thousand) Direct Material: Direct Material Beginning 28000 Add: Purchase of Direct Materials 73000 Total Direct Materials Available for Use 101000 Less: Direct Material Ending 29000 Direct Material Used in Production Direct Manufacturing Labor Indirect Manufacturing Costs: Indirect Manufacturing labor 10000 Plant Insurance 8000 Depreciation-Plant, Building and Equipment 110001 Reapirs and Maintenance-Plant 2000 Total Indirect Manufacturing Costs Total Manufacturing Costs Add: Work in Process, beginning Subtotal Less; work in Process Ending Cost of goods Manufactured 31000 127000) 23000 150000 21000 129000 265000 Benesch Company Income Statement (in thousand) Sales Revenue Cost of Goods Sold: Cost of Goods Manufactured Add: Finished Goods, Beginning Total Cost of Goods Available for Sale Less: Finished Goods, Ending Cost of Goods Sold: Gross profit Less: Marketing, Distribution and Customer service costs Less: General and Administrative Costs Net Income 129000 18000 147000 270001 120000 145000 90000 34000 21000