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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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