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E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport...

E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6]

Manufacturing costs for Davenport Company during 2018 were as follows:

Beginning Finished Goods, 1/1/18 $ 26,100
Beginning Raw Materials, 1/1/18 37,500
Beginning Work in Process, 1/1/18 112,300
Direct Labor for 2018 $ 277,300
Ending Finished Goods, 12/31/18 24,400
Ending Raw Materials, 12/31/18 41,250
Ending Work in Process, 12/31/18 122,600
Material Purchases for 2018 306,200
(including $25,000 of indirect material)

Note: The pre-determined overhead rate is 0.95 (95%) of direct labor cost.

Required:

1. Prepare a Cost of Goods Manufactured report.

2. Prepare a Partial Income Statement if sales revenue was $1,450,000 and operating expenses were $310,000 for 2018.

Solutions

Expert Solution

The answer has been presenetd in the supporting sheet. For detailed answer refer to the supporting sheet.

ekkarill92 answered 1 year ago
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