FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Labour
Indirect Labour
Accounts Receivable
Factory Insurance
$47,950 Factory Machinery Depreciation
Factory Utilities
Office Utilities
Sales
Sales Discounts
Plant Manager's Salary
Factory Property Taxes
Factory Repairs
Raw Materials Purchases
Cash
44,350
85,700
77,600
9,850
6,550
145,100
18,200
27,250
7,600
$7,820
13,220
9,000
465,880
2,050
40,500
7,020
940
62,800
28,300
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Transcribed Image Text: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 Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
Prepare an income statement through gross profit. (Enter negative amounts using either a negative sign preceding the number e.g. -45
or parentheses e.g. (45).)
Sales
Cost of Goods Sold
Add
Total Manufacturing Overhead
BLOSSOMMANUFACTURING COMPANY
(Partial) Income Statement
For the Year Ended December 31, 2022
Total Manufacturing Costs
Finished Goods Inventory, (1/1)
Cost of Goods Manufactured
Cost of Goods Available for Sale
Finished Goods Inventory, (1/1)
Less ✓ Finished Goods Inventory, (12/31)
Cost of Goods Sold
Gross Profit/Loss
V
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Transcribed Image Text:Prepare an income statement through gross profit. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Sales Cost of Goods Sold Add Total Manufacturing Overhead BLOSSOMMANUFACTURING COMPANY (Partial) Income Statement For the Year Ended December 31, 2022 Total Manufacturing Costs Finished Goods Inventory, (1/1) Cost of Goods Manufactured Cost of Goods Available for Sale Finished Goods Inventory, (1/1) Less ✓ Finished Goods Inventory, (12/31) Cost of Goods Sold Gross Profit/Loss V
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