Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. given information: as of december 31, 20##

Given Information: As of December 31, 20## Beginning Ending Finished Goods Inventory              99,500        122,500 Sales       1,750,000 Work In Process Inventory              22,000           23,500 Property Taxes (Factory)              24,000 Factory Utilities              32,000 Direct...

Free

80.2K

Verified Solution

Question

Accounting

Given Information: As of December 31, 20##
BeginningEnding
Finished Goods Inventory             99,500       122,500Sales      1,750,000
Work In Process Inventory             22,000          23,500Property Taxes (Factory)             24,000
Factory Utilities             32,000
Direct Material Used       155,000Amortization (80 % Factory)             45,000
Direct Manufacturing Labour       400,500Selling and Admin Expense          120,250
InDirect Manufacturing Labour          75,000Admin Salaries          182,750

Prepare a Cost of Goods Manufactured Statement Along with anincome Statement.

Answer & Explanation Solved by verified expert
4.3 Ratings (830 Votes)

Cost of goods manufactured statement

Direct material used 155000
Direct labor 400500
Manufacturing overhead
Indirect labor 75000
Property taxes 24000
Factory utilities 32000
Amortization (45000*80%) 36000
Total manufacturing overhead 167000
Total manufacturing cost 722500
Beginning work in process 22000
Total Cost of work in process 744500
Less: Ending work in process -23500
Cost of goods manufactured 721000

Income statement

Sales 1750000
Cost of goods sold
Beginning finished goods 99500
Cost of goods manufactured 721000
Cost of goods available for sale 820500
Less: Ending finished goods -122500
Cost of goods sold -698000
Gross profit 1052000
Less: Selling and administrative expense
Amortization 9000
Selling and Admin Expense 120250
Admin Salaries 182750
Total selling and administrative expense 312000
Net operating income 740000

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Being an elite training camp organizer for Elite football teams winter camps, having state of the...

Operations Management
Q

Find a general solution to the differential equation using the method of variation of parameters. y''+ 25y=...

Advance Math
Q

Study this timeline January 31 Tet Offensive March 31 President Johnson announces he will not...

Biology
Q

Two circuits have coefficient of mutual induction of 0 09 henry Average e m f...

Physics
Q

Provide your answer below TT TT 2 2 1 0 1 2 In the domain...

Calculus
Q

20. If a petty cash fund is established in the amount of $268, and contains...

Accounting
Q

Order the following firms from least efficient to most efficient

Accounting
Q

Marley Office Goods presupuest 12 000 y produjo 11 000 dispensadores de cinta durante junio....

Accounting
Q

General Motors 2019-2020 Use the bulleted format to list the company's segments/product lines and the...

Accounting
Q

Which of the following violates the Double Jeopardy clause of the Fifth Amendment to the...

Accounting
Q

Given the following data, compute equivalent units of production for conversion costs: Beginning Work...

Accounting
Q

"What's the big fuss about learning three different methods of cost allocation for joint products?...

Accounting