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2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer- service costs General and administrative costs Beginning of 2017 124,000 173,000 240,000 End of 2017 73,000 145,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.

2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer- service costs General and administrative costs Beginning of 2017 124,000 173,000 240,000 End of 2017 73,000 145,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.

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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2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation plant, building, and equipment Plant utilities Repairs and maintenance plant Equipment leasing costs Marketing, distribution, and customer- service costs General and administrative costs Beginning of 2017 124,000 173,000 240,000 End of 2017 73,000 145,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
Transcribed Image Text:2-38 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation plant, building, and equipment Plant utilities Repairs and maintenance plant Equipment leasing costs Marketing, distribution, and customer- service costs General and administrative costs Beginning of 2017 124,000 173,000 240,000 End of 2017 73,000 145,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Required: 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
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