Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $266,060 Work in process 478,910 Finished goods 460,280 $324,590 441,440 451,180 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory $220,400 31,160 41,870 499,870 16,550 58,430 490,130 171,060 13,630 28,240 23,050 2,294,850 281,740 11,360

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $266,060 Work in process 478,910 Finished goods 460,280 $324,590 441,440 451,180 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory $220,400 31,160 41,870 499,870 16,550 58,430 490,130 171,060 13,630 28,240 23,050 2,294,850 281,740 11,360

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Subject : Accounting
Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
COGS?
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The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
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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…
Make an income statement