90.2K

Verified Solution

Link Copied!

E2-27A (similar to) EQuestion Help Prepare the income statement for South Marine Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 31,000 units of its product at a price of $15 each during the year (Click the icon to view the amounts.) Reference ( lick the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) South Marine Company Income Statement For Current Year South Marine Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred 35,000 Less Direct materials used Direct labor Manufacturing overhead 65,000 81,000 69,600 250,600 27,000 223,600 Less: Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured (CGM) Data Table Done | O Reference South Marne Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning End of End of Year S 10,500 $12,500 $ 3,600 $ 75,000 S 24,500 of Year Year Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor 21,000 26,000 Insurance on plant $ 35,000 27,000 Depreciation-plant building and equipment $ 22,000 24,000 Repairs and maintenance plant s 70,000 Marketing expenses. $ 81,000 General and administrative expenses $ 43,000 Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 22,000 223,600 245,600 24,000 221600

Answer & Explanation Solved by verified expert

See Answer