Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Requirement
Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020.
Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect man
Benesch Corporation
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 2020 (in millions)
Direct materials costs:
C
Direct materials used
Direct manufacturing labor costs
Data table
For Specific Date
Direct materials inventory, January 1, 2020
Work-in-process inventory, January 1, 2020
Finished goods inventory, January 1, 2020
Direct materials inventory, December 31, 2020
Work-in-process inventory, December 31, 2020
Finished goods inventory, December 31, 2020
For Year 2020
Purchases of direct materials
Direct manufacturing labor
Depreciation-plant and equipment
Plant supervisory salaries
Miscellaneous plant overhead
Revenues
Marketing, distribution, and customer-service costs
Plant supplies used
Plant utilities
Indirect manufacturing labor
Print
Done
$ 17
11
71
27
6
59
$ 310
95
60
6
30
940
265
11
32
62
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Transcribed Image Text:Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2020. Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect man Benesch Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 (in millions) Direct materials costs: C Direct materials used Direct manufacturing labor costs Data table For Specific Date Direct materials inventory, January 1, 2020 Work-in-process inventory, January 1, 2020 Finished goods inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Work-in-process inventory, December 31, 2020 Finished goods inventory, December 31, 2020 For Year 2020 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor Print Done $ 17 11 71 27 6 59 $ 310 95 60 6 30 940 265 11 32 62
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