FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 2-27 Statement of comprehensive Income and schedule of cost of goods manufactured.
The Howell Corporation has the following account balances (all in millions):
For Specific Date
Direct Materials, January 01, 2019 $18
Work in process, January 01, 2019 12
Finished Goods, January 01, 2019 84
Direct Materials, December 31, 2019 24
Work in Process, December 31, 2019 6
Finished Goods, December 31, 2019 66
For the Year 2019
Purchased of Direct Materials $390
Direct Manufacturing Labour 120
Plant Supervisory Salaries 6
Miscellaneous Plant
Revenues 1140
Marketing, Distribution and Customer Service Cost 288
Plant Supplies Used 12
Plant Utilities 36
Indirect Manufacturing Labour 72
Required:
- Prepare a statement of Comprehensive Income and a supporting schedule of goods manufactured for the year ended December 31, 2019.
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