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1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Add: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Direct labour Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Add: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Finished goods inventory, beginning Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: 0 0 $ $ 0 0 0 0 0 0 0

1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Add: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Direct labour Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Add: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Finished goods inventory, beginning Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: 0 0 $ $ 0 0 0 0 0 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 93,000 13,000 20,000 43,800 5,000 63,000 30,000 71,200 480,000 27,000 1,000 81, 200 21, 200 65,000 7,000 30,000 10,000 40,000
Transcribed Image Text:WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 93,000 13,000 20,000 43,800 5,000 63,000 30,000 71,200 480,000 27,000 1,000 81, 200 21, 200 65,000 7,000 30,000 10,000 40,000
1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Add: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Direct labour Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Add: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Finished goods inventory, beginning Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: 0 0 $ $ 0 0 0 0 0 0 0
Transcribed Image Text:1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Add: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Direct labour Total overhead costs Total manufacturing costs Add: Work in process inventory, January 1 Add: Work in process inventory, December 31 Cost of goods manufactured 2. Prepare an income statement. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Finished goods inventory, beginning Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: 0 0 $ $ 0 0 0 0 0 0 0
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