P-M:1-37B Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Direct materials purchases Plant janitorial services Sales salaries Delivery costs Net sales revenue Utilities for plant Rent on plant Customer service hotline costs Direct labor Beginning $ 13,400 0 0 Ending $ 10,500 1,500 5,400 $ 39,000 900 5,100 1,700 115,000 1,200 9,000 1,600 16,000 Requirements 1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2024. 2. Prepare an income statement for Chewy Bones for the year ended December 31, 2024. 3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? 4. Chewy Bones manufactured 17,500 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent. Learning Objective 3 2. Operating income. $44,
P-M:1-37B Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Direct materials purchases Plant janitorial services Sales salaries Delivery costs Net sales revenue Utilities for plant Rent on plant Customer service hotline costs Direct labor Beginning $ 13,400 0 0 Ending $ 10,500 1,500 5,400 $ 39,000 900 5,100 1,700 115,000 1,200 9,000 1,600 16,000 Requirements 1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2024. 2. Prepare an income statement for Chewy Bones for the year ended December 31, 2024. 3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? 4. Chewy Bones manufactured 17,500 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent. Learning Objective 3 2. Operating income. $44,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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