Question

Complete a Schedule of Cost of Goods Manufactured and a Manufacturing Company Income statement. Use the Cost of Goods Manufactured that was developed in the Schedule of Cost of Goods Statement in the income statement.

                                                                        Jan-Feb

Cost of Goods Manufactured Data                 170000

Direct labor                                                     20200

Depreciation                                                   350300

Purchases of direct material                           80175

Beginning work-in-process                             65200

Ending direct materials                                   17750

Indirect materials                                           18575

Plant utilities, insurance and Property taxes  27100

Ending work-in-process                                  70025

Beginning direct materials                              29500

Indirect labor  

            

            

            

Manufacturing Income Statement Data        1001000

Net sales revenue                                           53500

Income taxes                                                  250

Beginning finished goods                               5300

Supplies expense                                            60425

Ending finished goods inventory                    660375

Cost of goods manufactured                          120125

Wage expense                                                6750

Depreciation expense                                    100025

Rent expense                                                  10075

Insurance expense      

Answer 1

Schedule of Cost of Goods Manufactured
Beginning bal of raw materials	70,025
Add: Raw Material purchases	350,300
Raw Materials available for use	420,325
Less: Ending bal of raw materials	65,200
Raw Materials used in production		355,125
Add:Direct Labor		170,000
Add: Manufacturing overheads		209,000
Indirect materials	17750
Indirect labor	29500
Depreciation	20200
Plant utilities, insurance and Property taxes	18575	86,025
Total Manufacturing Costs		820,150
Add: Beginning bal of Work in Process		80175
		900,325
Less: Ending bal of Work in Process		27,100
Cost of Goods Manufactured		873,225

Manufacturing Income Statement Data
Net sales revenue		1001000
Less: Cost of Goods Sold
Beginning finished goods	250
Add: Cost of goods manufactured	660375
Less: Ending finished goods inventory	60425	600200
Add: Other expenses
Supplies expense	5300
Wage expense	120125
Depreciation expense	6750
Rent expense	100025
Insurance expense	10075
Total other expenses		242275
Income before taxes		158525
Less: Income taxes		53500
Income after tax		105025