Schedule of Costs of Goods Manufactured & Cost of Goods Sold and Income Statement by uc86

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									  Schedule of Costs of Goods Manufactured & Cost of Goods Sold
                         and Income Statement

Raw Material Inventory
   Beg. Raw Material Inventory 1/1/04                           $     7,000
 + Raw Material Purchased During 2004                                60,000
 = Raw Material Available for Transfer to WIP                        67,000
 - Ending Raw Material Inventory 12/31/04                            15,000
 = Raw Materials Used in Production                                  52,000
 - Indirect Materials in Manufacturing Overhead                       2,000
 = Direct Materials used in production                          $    50,000


Work-in-Process Inventory (WIP)
  Direct Materials used in production                  50,000
  + Direct Labor                                       60,000                 Schedule of Cost of
  + Manufacturing Overhead Applied                     90,000                 Goods Manufactured &
  = Total Manufacturing Costs                         200,000     200,000     Cost of Goods Sold
  + Beg. WIP Inventory 1/1/04                                   $  30,000     Pg 102
                                                                  230,000
   - Ending WIP Inventory                                          72,000
   = Cost of Goods Manufactured                                 $ 158,000


Finished Goods Inventory
    Finished Goods Beginning Inventory                          $  10,000
 + Cost of Goods Manufactured                                     158,000
 = Cost of Goods Available for Sale                               168,000
  - Finished Goods Inventory, Ending                               49,500
 = Unadjusted Cost of Goods Sold                                  118,500
 + Underapplied Overhead                                            5,000
 = Adjusted Cost of Goods Sold                                  $ 123,500




                       Income Statement

Sales                                                           $ 225,000
Cost of Goods Sold                                                123,500
Gross Margin                                                        101,500
Selling and Administrative Expenses                                           Income Statement
   Salaries Expense                               $    30,000                 Pg 103
   Depreciation Expense                                 7,000
   Advertising Expense                                 42,000
   Other Expense                                        8,000        87,000
Net Operating Income                                            $    14,500
  Schedule of Costs of Goods Manufactured & Cost of Goods Sold
                         and Income Statement

Raw Material Inventory
  Beg. Raw Material Inventory 1/1/04                       $      7,000
  Raw Material Purchased During 2004                             60,000
  Raw Material Available for Transfer to WIP                     67,000
  Ending Raw Material Inventory 12/31/04                         15,000
  Raw Materials Used in Production                               52,000
  Indirect Materials in Manufacturing Overhead                    2,000
  Direct Materials used in production                      $     50,000


Work-in-Process Inventory (WIP)
  Direct Materials used in production             50,000
    Direct Labor                                  60,000
    Manufacturing Overhead Applied                90,000
    Total Manufacturing Costs                    200,000     200,000
    Beg. WIP Inventory 1/1/04                              $ 30,000
                                                             230,000
    Ending WIP Inventory                                      72,000
    Cost of Goods Manufactured                             $ 158,000


Finished Goods Inventory
   Finished Goods Beginning Inventory                      $  10,000
   Cost of Goods Manufactured                                158,000
   Cost of Goods Available for Sale                          168,000
   Finished Goods Inventory, Ending                           49,500
   Unadjusted Cost of Goods Sold                             118,500
   Underapplied Overhead                                       5,000
   Adjusted Cost of Goods Sold                             $ 123,500




                      Income Statement

Sales                                                      $ 225,000
Cost of Goods Sold                                           123,500
Gross Margin                                                   101,500
Selling and Administrative Expenses
  Salaries Expense       $   30,000
  Depreciation Expense   $    7,000
  Advertising Expense    $   42,000
  Other Expense          $    8,000       87,000
Net Operating Income                  $   14,500
                       For this assignment you will note that the amounts
                       the yellow boxes can not be altered. If you wish to
                       the amounts in the 
								
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