Question

P2-37 (similar to) Question Help Consider the following account balances (in thousands) for the Canseco 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 $315 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. Canseco Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Direct materials used Direct manufacturing labor Choose from any list or enter any number in the input fields and then click Check Answer.

Answer 1

Answer WAAAAA 44000 - Page No ③ Schedule of cost of goods manufactured for 2017 Particular Dieet materials Beginning inventory 128000 Purchases of direct materials $78000 Cost of dised materials available for use $106000 Ending inventory $ 29000 Direct materials used . Direct manubacturing labor contos $26000 Indivechi manubacturing costs Indirect manubo clering labor costs $16000 Plant insurance $7000 Depreciation - plant building & equipment $14.000 Repairo Ę maintenace - Plant $ 2000 $42000 Manub aclaring costs incurred during current year *145000 Beginning work-in - progress $27000 Total manubacteering costs to account for $192000 Deducto: ending cook in process inventory ($ 20,000) Cast of goods manufactured $152000

- Particular Page No ③ I Income statements for 2017 Revenues for 2014 = $315 million Amcent (in thousand) Amount (in thousand Revenues $315,000 Cost of goock sold : Beginning tênished goods $13000 cost of goods manufactured $152000 costs of goods available for sale $ 165000 Ending finished goods (124000) $141000 Gross margin $144000 Operating contes :- Mandeling distribution Ę customer service $105000 General a administrative costs $22000 ($109000) Operating income $44000