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One of Toyota Companys subsidiaries reports the following account balances for the year ended December 31, 2018 (in thousands). Direct materials Direct materials Jan. 1,2018 Dec. 31, 2018 20,800 22,250 Work in process Work in process Jan. 1, 2018 Dec. 31, 2018 5,700 4,650 Finished goods Finished goods Jan. 1, 2018 Dec. 31, 2018 102,500 105,250 Direet materials purchased Direct manufacturing labor 452,500 335,750 Plant- leasing costs Property taxes on plant and equipment Plant wide- utilities Fire insurance on plant and equipment Depreciation- plant equipment Amortization-plant leasehold improvements Indirect labor Miscellaneous plant overhead 4,071 960 13,500 500 5,400 2,200 52,603 22,126 Revenue Marketing, distribution and customer service costs General and administration costs 1,350,000 240,500 140,700 Prepare (next page): A Schedule of Cost of Goods Manufactured, in good form, for the year ended December 31, 2018. a. b. An Income Statement, in good form, for the year ended December 31, 2018.
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Answer #1

Answer (a)

Schedule of Cost of goods Manufactured For the year ended December 31, 2018 (in $ thousands) Cost of Goods Manufactured: Direct Material Issued/ used Direct material Inventory - Jan 1, 2018 Add, Purchases Direct Material available for issue/use Less, Direct material Inventory Dec 31, 2018 $22,250 $451,050 $20,800 $452,500 S473,300 Direct Labor 335,750 Manufacturing overhead $52,603 $5,400 Amortization plant leasehold improvements $2,200 $13,500 $4,071 $960 $500 Indirect labor Depreciation plant equipment Plant wide - Utilities Plant leasing costs Property taxes on plant and equipment Fire Insurance on plant and equipment Miscellaneous plant overhead $22,126 $101,360 888,160 Manufacturing Cost spent during the year Add, Work-in-progress Jan 1, 2018 Less, Work-in-progress - Dec 31, 2018 $5,700 $4,650 Cost of Goods Manufactured $889,210

Answer (b):

Statement of Income For the year ended December 31, 2018 in $ thousands Sale Cost of Goods Sold: $1,350,000 Direct Material Issued/ used Direct material Inventory - Jan 1, 2018 Add, Purchases Direct Material available for issue/use Less, Direct material Inventory Dec 31, 2018 $20,800 $452,500 $473,300 $22,250 $451,050 335,750 Direct Labor Manufacturing overhead Indirect labor Depreciation plant equipment Amortization - plant leasehold improvements Plant wide - Utilities Plant leasing costs Pro Fire Insurance on plant and equipment Miscellaneous plant overhead $52,603 400 $2,200 $13,500 $4,071 $960 $500 taxes on plant and equipment $22,126 $101,360 $888,160 Manufacturing Cost spent during the year Add, Work-in-progress Jan 1, 2018 $5,700 Less, Work-in-progress Dec 31, 2018 Add, Finished Goods Inventory - Jan 1, 2018 Less, Finished goods Inventory Dec 31, 2018 $4,650 $102,500 $105,250 Cost of Goods Manufactured 889.210 Goods available for sale $991,710 $886,460 $463,540 $240,500 $140,700 $82,340 Cost of Goods Sold: Gross Income Marketing distribution and customer service expense General administartive expense Income before Tax

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