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 agoRelated Solutions
For the year ended December 31, 2018, Martin Marietta Manufacturing Company has the following information: ...
For the year ended December 31, 2018, 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
...
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2015
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$148,586,037
$144,686,413
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109,284,780
106,255,499
101,988,165
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41,452,848
42,330,538
42,698,248
Operating expenses
37,177,738
38,133,969
37,241,108
Income from
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4,275,110
4,196,569
5,457,140
Other revenues and gains
—
—
—
Other expenses and losses
2,181,948
2,299,217
2,397,953
Income before income tax
2,093,162
1,897,352
3,059,187
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858,941
1,341,536
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Ending work-in-process inventory 93,000
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Interest income
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Interest income
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Selling and administrative expenses
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Cost
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Interest income
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Selling and administrative expenses
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Interest expense
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Restructuring costs
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Revaluation reserve £80,000
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