FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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4. Several items are omitted from the income statement and cost of goods
manufactured statement data for two different companies for the month of March 20X1
Charlie
Brown Corp
Linus Co.
Materials Inventory, March 1
Materials Inventory, March 31
Materials purchased
Cost of direct materials used in production
65,800
195,300
(a)
91,140
282,800
(a)
317,800
(b)
Direct labor
387,800
577,220
Factory Overhead
Total manufacturing costs incurred in March
Work in process inventory, March 1
148,400
256,060
(b)
1,519,000
119,000
208,320
(c)
Work in process inventory, March 31
Cost of goods manufactured
172,200
(c)
1,532,020
Finished goods inventory, March 1
224,000
269,080
Finished goods inventory, March 31
197,400
(d)
Sales
1,127,000
1,944,320
Cost of goods sold
Gross profit
(d)
1,545,040
(e)
(e)
(f )
Operating expenses
117,600
Net income
(f)
164,920
a. Determine the amounts of the missing items for each company identifying them by letter.
b. Prepare Charlie Brown Corporation's statement of cost of goods manufactured for March.
c. Prepare Charlie Brown Corporation's income statement for March.
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Transcribed Image Text:4. Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of March 20X1 Charlie Brown Corp Linus Co. Materials Inventory, March 1 Materials Inventory, March 31 Materials purchased Cost of direct materials used in production 65,800 195,300 (a) 91,140 282,800 (a) 317,800 (b) Direct labor 387,800 577,220 Factory Overhead Total manufacturing costs incurred in March Work in process inventory, March 1 148,400 256,060 (b) 1,519,000 119,000 208,320 (c) Work in process inventory, March 31 Cost of goods manufactured 172,200 (c) 1,532,020 Finished goods inventory, March 1 224,000 269,080 Finished goods inventory, March 31 197,400 (d) Sales 1,127,000 1,944,320 Cost of goods sold Gross profit (d) 1,545,040 (e) (e) (f ) Operating expenses 117,600 Net income (f) 164,920 a. Determine the amounts of the missing items for each company identifying them by letter. b. Prepare Charlie Brown Corporation's statement of cost of goods manufactured for March. c. Prepare Charlie Brown Corporation's income statement for March.
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