1- Prepare the company's schedule of cost of goods manufactured. 2- Prepare the company's schedule of cost of goods sold. 3- Prepare the company's income statement. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 3 C Utilities for factory Utilities for sales and administrative offices Other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense $ 7,900 13,600 3,600 8,100 14,000 7,000 4,900 2,100 10,100 2,400 15,200 39,000 6,000 2,400 4,000 29,000 3,400 1,200 79,000 11,000 4,100 3,100 1,600 58,000 209,800 5,100

1- Prepare the company's schedule of cost of goods manufactured. 2- Prepare the company's schedule of cost of goods sold. 3- Prepare the company's income statement. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 3 C Utilities for factory Utilities for sales and administrative offices Other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense $ 7,900 13,600 3,600 8,100 14,000 7,000 4,900 2,100 10,100 2,400 15,200 39,000 6,000 2,400 4,000 29,000 3,400 1,200 79,000 11,000 4,100 3,100 1,600 58,000 209,800 5,100

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter27: Manufacturing Accounting: The Work Sheet And Financial Statements

Section: Chapter Questions

Problem 6SPB: SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Companys trial balance columns from...

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