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Exercise 14-15

University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.

(a)		Cost of goods manufactured schedule.
(b)		Income statement.
(c)		Balance sheet.

The following items are found in its ledger and accompanying data. For each item, indicate the schedule and/or financial statement(s) in which the item will appear.

1.		Direct labor		Income Statement and Balance SheetCost of Goods Manufactured Schedule and Balance SheetIncome StatementCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementBalance Sheet
2.		Raw materials inventory, 1/1		Balance SheetCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
3.		Work in process inventory, 12/31		Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementBalance SheetCost of Goods Manufactured Schedule and Balance Sheet
4.		Finished goods inventory, 1/1		Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured ScheduleBalance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementIncome Statement
5.		Indirect labor		Income StatementBalance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance Sheet
6.		Depreciation on factory machinery		Income StatementCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetBalance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule
7.		Work in process, 1/1		Cost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Income StatementIncome StatementBalance SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance Sheet
8.		Finished goods inventory, 12/31		Cost of Goods Manufactured ScheduleBalance SheetIncome StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Income Statement
9.		Factory maintenance salaries		Cost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetBalance SheetCost of Goods Manufactured ScheduleIncome Statement
10.		Cost of goods manufactured		Cost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementIncome Statement and Balance SheetCost of Goods Manufactured ScheduleIncome StatementBalance Sheet
11.		Depreciation on delivery equipment		Cost of Goods Manufactured ScheduleIncome Statement and Balance SheetIncome StatementBalance SheetCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income Statement
12.		Cost of goods available for sale		Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome Statement and Balance SheetIncome StatementCost of Goods Manufactured Schedule and Balance Sheet
13.		Direct materials used		Income Statement and Balance SheetIncome StatementBalance SheetCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule
14.		Heat and electricity for factory		Income Statement and Balance SheetCost of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and Balance SheetBalance Sheet
15.		Repairs to roof of factory building		Cost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome Statement and Balance SheetIncome StatementCost of Goods Manufactured Schedule and Income StatementBalance Sheet
16.		Cost of raw materials purchases		Balance SheetCost of Goods Manufactured ScheduleIncome Statement and Balance SheetCost of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule and Income StatementIncome Statement

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