2-33 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Shaler Corporation: Beginning of End of Shaler Corporation 2014 2014 Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials 130,000 68,000 144,000 204,000 166,000 246,000 256,000 Direct manufacturing labor 212,000 Indirect manufacturing labor 96,000 Indirect materials 28,000 Plant insurance 4,000 Depreciation-plant, building, and equipment 42,000 Plant utilities 24,000 Repairs and maintenance-plant 16,000 Equipment leasing costs Marketing, distribution, and customer-service costs 64,000 124,000 General and administrative costs 68,000 1. Prepare a schedule for the cost of goods manufactured for 2014. 2 Revenues (in thousands) for 2014 were $1,200,000. Prepare the income statement for 2014.

2-33 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Shaler Corporation: Beginning of End of Shaler Corporation 2014 2014 Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials 130,000 68,000 144,000 204,000 166,000 246,000 256,000 Direct manufacturing labor 212,000 Indirect manufacturing labor 96,000 Indirect materials 28,000 Plant insurance 4,000 Depreciation-plant, building, and equipment 42,000 Plant utilities 24,000 Repairs and maintenance-plant 16,000 Equipment leasing costs Marketing, distribution, and customer-service costs 64,000 124,000 General and administrative costs 68,000 1. Prepare a schedule for the cost of goods manufactured for 2014. 2 Revenues (in thousands) for 2014 were $1,200,000. Prepare the income statement for 2014.

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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ABC company has the following data: Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 24,000 Purchases of direct materials 151,000 Ending inventory of direct materials, December 31, 2015 18,000 Direct manufacturing labor 27,000 Indirect manufacturing costs 50,000 Beginning inventory of finished goods, January 1, 2015 43,000 Cost of goods manufactured 234,000 Ending inventory of finished goods, December 31, 2015 48,000 Operating costs 152,000 No beginning work in process inventory Required: a- Prepare cost of goods manufactured statement b- Prepare income statement