Question

In: Accounting

.   For the year ended December 31, 2016, Martin Marietta Manufacturing Company     has the following...

.   For the year ended December 31, 2016, Martin Marietta Manufacturing Company

    has the following information:    

     Work In Process Inventory, December 31                   $ 30,000

     Finished Goods Inventory, December 31                      55,000

     Raw Materials Inventory, December 31                       28,000

     Raw Materials purchases                                    36,000

     Factory supervisory salaries                                6,000

     Operating expenses                                         47,000

     Factory depreciation expense                                2,000

     Factory utilities expense                                   4,000

     Direct labor                                               30,000

     Indirect labor                                             10,000

     Sales revenue                                             230,000

     Sales discounts                                             5,000

     Work In Process Inventory, January 1                       60,000

     Finished Goods Inventory, January 1                        50,000

     Raw Materials Inventory, January 1                         44,000

                 

     INSTRUCTIONS

Prepare a Cost of Goods Manufactured Schedule for the year ended

December 31, 2016.

     B. Prepare a complete income statement for the year ended December 31, 2016

Solutions

Expert Solution

A
Schedule of Cost of Goods Manufactured
For the year ended December 31, 2016.
Direct materials:
Raw Materials Inventory, January 1 44000
Add: Purchases of raw materials 36000
Total raw materials available 80000
Deduct: Raw Materials Inventory, December 31   28000
Raw materials used in production 52000
Direct labor 30000
Factory overhead:
Factory supervisory salaries   6000
Factory depreciation expense 2000
Factory utilities expense 4000
Indirect labor           10000 22000
Total manufacturing costs 104000
Add: Work In Process Inventory, January 1    60000
164000
Deduct:Work In Process Inventory, December 31      30000
Cost of goods manufactured 134000
B
Income Statement
For the year ended December 31, 2016
Sales revenue     230000
Deduct : Sales discounts    5000
Net sales revenue 225000
Cost of goods sold:
Finished Goods Inventory, January 1 50000
Add: Cost of goods manufactured 134000
Cost of goods available for sale 184000
Deduct: Finished Goods Inventory, December 31       55000
Cost of goods sold 129000
Gross Margin 96000
Deduct : Operating expenses      47000
Net operating income 49000

ekkarill92 answered 2 years ago
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