Question

EX 1-14 Income statement for a manufacturing company Two items are omitted from each of the following three lists of cost of goods from a manufacturing company income statement. Detern turing company income statement. Determine the amounts of the missing items, identifying them by letter. OBJ. 3 ing three lists of cost of goods sold data $ 46,200 (e) Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold $ 61,600 329,000 (c) 484,800 $540,000 $260,400 61,600 (0) 72,800 (b) (d) $513,600 EX 1-15 Statement of cost of goods manufactured for a manufacturing company OB. 3 Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows: ets, Inventories Materials Work in process Finished goods March 1 $315,000 214,200 163,800 March 31 $277,200 239,400 189,000 Direct labor $567,000 Materials purchased during May 604,800 Factory overhead incurred during May: Indirect labor 60,480 Machinery depreciation 36,000 Heat, light, and power 12,600 Supplies 10,080 Property taxes 8,820 Miscellaneous costs 16,380 Prepare a cost of goods manufactured statement for March 2016. b. Determine the cost of goods sold for March 2016.

Answer 1

Answer with working is given below

EX 1-14 Finished Goods Inventory June 1 Cost of Goods manufactured Cost of Finished Goods available for sale Finished Goods inventory 30th June Cost of goods Sold $61,600 $329,000 $390,600 $72,800 $317,800 $46,200 $214,200 $260,400 $61,600 $198,800 $55,200 $484,800 $540,000 $26,400 $513,600 EX 1 - 15 Schedule of Cost of Goods Manufactured for the Month of March Opening inventory of Raw Material $315,000 Add: purchases $604,800 Total Direct Material Available $919,800 Less: Closing inventory of Raw Material $277,200 Raw material consumed $642,600 Direct Labor $567,000 PRIME COST $1,209,600 $60,480 Indirect labor Factory expenses Machinery Depreciation Heat Light and power Supplies Property taxes Miscellaneous costs $36,000 $12,600 $10,080 $8,820 $16,380 Factory cost of production Add: Opening work in process $83,880 $1,353,960 $214,200 $1,568,160 $239,400 $1,328,760 Less: Closing work in process Cost of Goods manufactured Cost of Goods Sold Statement for the month of March Cost of Goods Sold Opening Stock of Finished Goods $163,800 Add: Cost of Goods manufactured $1,328,760 $1,492,560 Less: Closing Stock of Finished Goods $189,000 Cost of Goods sold $1,303,560 EX 1-16 Cost of Goods Sold Gross Profit Net Income $457,450 $453,800 $233,400 $911,250 Crouching Alligator Manufacturing Company Income Statement for the month of August Sales Less: Cost of Goods Sold Opening Stock of Finished Goods $101,250 Add: Cost of Goods manufactured $450,000 Total Finished Goods Available for Sale $551,250 Less: Closing Stock of Finished Goods $93,800 Cost of Goods sold GROSS PROFIT $457,450 $453,800 Selling and administrative expenses Selling expense Administrative expenses $144,500 $75,900 $220,400 $233,400 Net Income