FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $136,000 $45,300 (e)Cost of goods manufactured 963,000 (c) 209,900Cost of finished goods available for sale (a) $629,600 $1,282,600Finished goods inventory, June 30 151,600 81,600 (f)Cost of goods sold (b) (d) $1,101,900a. $fill in the blank 1b. $fill in the blank 2c. $fill in the blank 3d. $fill in the blank 4e. $fill in the blank 5f. $fill in the blank 6arrow_forwardManufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. OnCompany OffCompany Materials inventory, December 1 $88,830 $121,700 Materials inventory, December 31 (a) 137,520 Materials purchased 225,630 (a) Cost of direct materials used in production 238,060 (b) Direct labor 334,890 273,830 Factory overhead 103,930 136,300 Total manufacturing costs incurred in December (b) 787,400 Total manufacturing costs 847,430 1,080,700 Work in process inventory, December 1 170,550 293,300 Work in process inventory, December 31 143,900 (c) Cost of goods manufactured (c) 780,100 Finished goods inventory, December 1 150,120 136,300 Finished goods inventory, December 31 157,230 (d) Sales 1,309,350 1,217,000 Cost of goods sold (d) 787,400 Gross…arrow_forwardThe following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000arrow_forward
- Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $56,800 $18,700 (e) Cost of goods manufactured 301,000 (c) 65,500 Cost of finished goods available for sale (a) $177,700 $102,900 Finished goods inventory, June 30 69,400 37,300 (f) Cost of goods sold (b) (d) $94,700 a. b. C.arrow_forwardIncome Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $51,500 $14,900 (e) Cost of goods manufactured 262,700 (c) 52,200 Cost of finished goods available for sale (a) $141,600 $82,000 Finished goods inventory, June 30 61,000 29,700 (f) Cost of goods sold (b) (d) $75,400 a. b. C. d. e. f. SAarrow_forwardSolve Problem with calculationarrow_forward
- Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: OnCompany OffCompany Materials inventory, December 1 $87,370 $114,450 Materials inventory, December 31 (a) 129,330 Materials purchased 221,920 (a) Cost of direct materials used in production 234,150 (b) Direct labor 329,380 257,510 Factory overhead 102,220 128,180 Total manufacturing costs incurred in December (b) 740,490 Total manufacturing costs 833,500 833,500 Work in process inventory, December 1 167,750 275,820 Work in process inventory, December 31 141,540 (c) Cost of goods manufactured (c) 733,620 Finished goods inventory, December 1 147,660 128,180 Finished goods inventory, December 31 154,640 (d) Sales 1,287,830 1,144,500 Cost of goods sold (d) 740,490 Gross…arrow_forwardSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $100,000.00 $48,200.00 3 Materials inventory, May 31 (a) 50,000.00 4 Materials purchased 950,000.00 710,000.00 5 Cost of direct materials used in production 938,500.00 (a) 6 Direct labor 2,860,000.00 (b) 7 Factory overhead 1,800,000.00 446,000.00 8 Total manufacturing costs incurred during May (b) 2,484,200.00 9 Total manufacturing costs 5,998,500.00 2,660,600.00 10 Work in process inventory, May 1 400,000.00 176,400.00 11 Work in process inventory, May 31 382,000.00 (c) 12 Cost of goods manufactured (c) 2,491,500.00 13 Finished goods inventory, May 1 615,000.00 190,000.00 14 Finished goods inventory, May 31 596,500.00 (d) 15…arrow_forward
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