ch02 C.Lites

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School

Kent State University *

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83033

Subject

Economics

Date

Feb 20, 2024

Type

xlsx

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Uploaded by PrivatePencilTrout38

Problem 2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income Beginning balance in Work In Process Inventory $ 210,000 Ending balance in Work In Process Inventory 300,000 Beginning balance in Finished Goods Inventory 500,000 Ending balance in Finished Goods Inventory 400,000 Direct material cost 2,500,000 Direct labor cost 3,000,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,350,000 Sales 8,500,000 Required Satterfield’s Custom Glass Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 Beginning balance in work in process inventory $ 210,000 Add current manufacturing costs: Direct Material Cost $ 2,500,000 Direct Labor Cost 3,000,000 Manufacturing Overhead 1,700,000 7,200,000 Total 7,410,000 Less ending balance in work in process inventory 300,000 Cost of goods manufactured $ 7,110,000 Satterfield’s Custom Glass Income Statement For the Year Ended December 31, 2020 Sales $ 8,500,000 Less cost of goods sold: Beginning balance in Finished Goods Inven $ 500,000 Cost of Goods Manufactured 7,110,000 Cost of Goods for Sale 7,610,000 Ending balance in Finished Goods Inventor 400,000 7,210,000 Gross profit 1,290,000 Less nonmanufacturing expenses: Selling & Administrative Expenses 1,350,000 Net income (loss) $ (60,000) The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2020: a. Prepare a schedule of costs of goods manufactured. b. Prepare an income statement for fiscal 2020. Ignore income taxes.

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