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Given Information: As of December 31, 20## Beginning Ending Finished Goods Inventory              99,500        122,500 Sales       1,750,000 Work In Process Inventory              22,000           23,500 Property Taxes (Factory)              24,000 Factory Utilities              32,000 Direct...

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Accounting

Given Information: As of December 31, 20##
BeginningEnding
Finished Goods Inventory             99,500       122,500Sales      1,750,000
Work In Process Inventory             22,000          23,500Property Taxes (Factory)             24,000
Factory Utilities             32,000
Direct Material Used       155,000Amortization (80 % Factory)             45,000
Direct Manufacturing Labour       400,500Selling and Admin Expense          120,250
InDirect Manufacturing Labour          75,000Admin Salaries          182,750

Prepare a Cost of Goods Manufactured Statement Along with anincome Statement.

Answer & Explanation Solved by verified expert
4.3 Ratings (830 Votes)

Cost of goods manufactured statement

Direct material used 155000
Direct labor 400500
Manufacturing overhead
Indirect labor 75000
Property taxes 24000
Factory utilities 32000
Amortization (45000*80%) 36000
Total manufacturing overhead 167000
Total manufacturing cost 722500
Beginning work in process 22000
Total Cost of work in process 744500
Less: Ending work in process -23500
Cost of goods manufactured 721000

Income statement

Sales 1750000
Cost of goods sold
Beginning finished goods 99500
Cost of goods manufactured 721000
Cost of goods available for sale 820500
Less: Ending finished goods -122500
Cost of goods sold -698000
Gross profit 1052000
Less: Selling and administrative expense
Amortization 9000
Selling and Admin Expense 120250
Admin Salaries 182750
Total selling and administrative expense 312000
Net operating income 740000

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