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 1 year agoRelated Solutions
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has the following
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Work In Process Inventory, December
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$ 30,000
Finished Goods Inventory, December
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55,000
Raw Materials Inventory, December
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28,000
Raw Materials
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36,000
Factory supervisory
salaries
6,000
Operating
expenses
47,000
Factory depreciation
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Factory utilities
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—
—
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858,941
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