The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022:Raw Materials Inventory (1/1/22)Raw Materials Inventory (12/31/22)Finished Goods Inventory (1/1/22)Finished Goods Inventory (12/31/22)Work in Process Inventory (1/1/22)Work in Process Inventory (12/31/22)Direct LabourIndirect LabourAccounts ReceivableFactory Insurance$47,950 Factory Machinery DepreciationFactory UtilitiesOffice UtilitiesSalesSales DiscountsPlant Manager's SalaryFactory Property TaxesFactory RepairsRaw Materials PurchasesCash44,35085,70077,6009,8506,550145,10018,20027,2507,600$7,82013,2209,000465,8802,05040,5007,02094062,80028,300 Prepare an income statement through gross profit. (Enter negative amounts using either a negative sign preceding the number e.g. -45or parentheses e.g. (45).)SalesCost of Goods SoldAddTotal Manufacturing OverheadBLOSSOMMANUFACTURING COMPANY(Partial) Income StatementFor the Year Ended December 31, 2022Total Manufacturing CostsFinished Goods Inventory, (1/1)Cost of Goods ManufacturedCost of Goods Available for SaleFinished Goods Inventory, (1/1)Less ✓ Finished Goods Inventory, (12/31)Cost of Goods SoldGross Profit/LossV

The cost of goods manufactured includes the cost of goods that are finished during the period. The…

The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: $47,950 Factory Machinery Depreciation Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) 44,350 Factory Utilities Finished Goods Inventory (1/1/22) 85,700 Finished Goods Inventory (12/31/22) 77,600 Work in Process Inventory (1/1/22) 9,850 6,550 145,100 18,200 27,250 7,600 Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300

The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: $47,950 Factory Machinery Depreciation Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) 44,350 Factory Utilities Finished Goods Inventory (1/1/22) 85,700 Finished Goods Inventory (12/31/22) 77,600 Work in Process Inventory (1/1/22) 9,850 6,550 145,100 18,200 27,250 7,600 Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300

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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