(L. OBJ. 5) Preparing cost of goods manufactured scheduled and income statement for a ma...

(L. OBJ. 5) Preparing cost of goods manufactured scheduled and income statement for a manufacturing company [30-45 min]

Camps Pets succeeded so well that Cam decided to manufacture his own brand of chewing bone Chewy Bones. At the end of December 2011, his accounting records showed the following:

Requirements

1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2011,

2. Prepare an income statement for Chewy Bones for the year ended December 31, 2011.

3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser?

4. Chewy Bones manufactured 17,300 units of its product in 2011. Compute the company’s unit product cost for the year.