Question

Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:

Sales ............................................................................ $315,000

Selling and administrative expenses............................................... 1 2 7, 5 00

Purchases of raw materials ....................................................... 45,000

Direct labor...................................................................... 30,000

Manufacturing overhead.......................................................... 55,500

Inventories

August 1 August 31

Raw materials...................................................... $8,000 $5,000

Work-in-process ................................................... 14,000 11,000

Finished goods .................................................... 15,000 19,000

Required

Prepare a statement of cost of goods manufactured and an income statement for August 2017

*please i need the ansumer as a text, so i can copy.

thank you in advance

Answer 1

Bridgeview Manufacturing Company
Cost of Goods Manufactured
For the month ended August 2017
Beginning Work in process		$        14,000.00
Direct Material
Raw material Inventory Beginning	$      8,000.00
Raw material Purchased	$    45,000.00
Raw material available for use	$    53,000.00
Less: Raw material Inventory Ending	$      5,000.00
Direct Material Used		$        48,000.00
Direct labor		$          3,000.00
Manufacturing Overheads		$        55,500.00
Total Manufacturing cost		$     120,500.00
Less: Work in process Ending		$        11,000.00
Cost of Goods Manufactured		$     109,500.00

Bridgeview Manufacturing Company
Income Statement
For the month ended August 2017
Sales Revenue		$     315,000.00
Less: Cost of Goods Sold
Beginning Finished Inventory	$    15,000.00
Add: Cost of goods manufactured	$ 109,500.00
Goods Available for sale	$ 124,500.00
Less :Ending Finished goods Inventory	$    19,000.00
Cost of Goods Sold		$     105,500.00
Gross Margin		$     209,500.00
Operating Expenses
Selling and administrative expenses		$     127,500.00
Total Operating Expenses		$     127,500.00
Operating Profit		$        82,000.00