Question

Certain iter descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company 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. Now we will fill in the missing information on the income statement. Select the heading, then complete the statement Elly Manufacturing Company Income Statement Month Ended June 30, 2018 Net Sales Revenue Cost of Goods Sold: Beginning $ 110,000 Cost of Goods Ending 232,000 Cost of Goods Sold Gross Profit 258,000 Expenses Selling Expenses 98,000 Administrative Expenses Total Expenses 160,000

Answer 1

Elly Manufacturing Company
Schedule of Cost of Goods manufactured
Month ended June 30, 2018
Add: Beginning Work in Process Inventory		$              27,000
Direct Materials
Raw Material, Beginning Inventory	$              28,000
Add: Purchases	$              56,000
Total Raw Material Available	$              84,000
Raw Material in inventory, ending	$             (20,000)
Raw Material used in production		$              64,000
Direct Labor		$              72,000
Manufacturing Overhead		$              44,000
Total Manufacturing Costs		$            180,000
Total Cost of Work in Process		$            207,000
Ending Work in Process Inventory		$             (25,000)
Cost of Goods Manufactured		$            182,000

Elly Manufacturing Company
Income Statement
Month ended June 30, 2018
Sales Revenue		$            490,000
Cost of Goods Sold
Finished Goods Inventory, Beginning	$            110,000
Add: Cost of Goods Manufactured	$            182,000
Cost of Goods Available for sale	$            292,000
Finished Goods Inventory, Ending	$             (60,000)
Cost of goods sold		$            232,000
Gross Profit		$            258,000
Operating Expenses
Selling Expenses	$              98,000
Administrative Expenses	$              62,000
Total Operating Expenses		$            160,000
Net Operating Income (Loss)		$              98,000

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