2. Below is the Statement of Cost of Goods Manufactured and the Income Statement for two separate companies. Determine the amounts for each of the missing items (the highlighted items). Hint: start with the cost of goods manufactured Statement of Net Income Snoopy Co. Woodstock Co. Sales 2,760,000 1,117,000 Cost of Goods Sold: Beginning Inventory - Finished Goods 316,800 136,000 Cost of Goods Manufactured 683,000 Cost of Goods Available for Sale Less: Ending Inv - Finished Goods 331,200 Cost of Goods Sold 701,000 Gross Profit Operating Expenses 360,000 Net Income 256,000 Statement of Cost of Goods Manufactured Snoopy Co. Woodstock Co. Direct Materials: Beginning Inventory - Direct Materials 187,200 118,000 Purchases of Direct Materials 475,200 228,000 Materials Available for Use Less: Ending Inv - Direct Materials 120,000 Total Direct Materials Costs 501,600 Direct Labor 705,600 Overhead 218,400 120,000 Total Manufacturing Costs Incurred 690,000 Beginning Inventory - WIP 360,000 295,000 Less: Ending Inventory - WIP 302,400 Cost of Goods Manufactured 683,000

2. Below is the Statement of Cost of Goods Manufactured and the Income Statement for two separate companies. Determine the amounts for each of the missing items (the highlighted items). Hint: start with the cost of goods manufactured Statement of Net Income Snoopy Co. Woodstock Co. Sales 2,760,000 1,117,000 Cost of Goods Sold: Beginning Inventory - Finished Goods 316,800 136,000 Cost of Goods Manufactured 683,000 Cost of Goods Available for Sale Less: Ending Inv - Finished Goods 331,200 Cost of Goods Sold 701,000 Gross Profit Operating Expenses 360,000 Net Income 256,000 Statement of Cost of Goods Manufactured Snoopy Co. Woodstock Co. Direct Materials: Beginning Inventory - Direct Materials 187,200 118,000 Purchases of Direct Materials 475,200 228,000 Materials Available for Use Less: Ending Inv - Direct Materials 120,000 Total Direct Materials Costs 501,600 Direct Labor 705,600 Overhead 218,400 120,000 Total Manufacturing Costs Incurred 690,000 Beginning Inventory - WIP 360,000 295,000 Less: Ending Inventory - WIP 302,400 Cost of Goods Manufactured 683,000

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Description: 2. Below is the Statement of Cost of Goods Manufactured and the Income Statement for two separatecompanies. Determine the amounts for each of the missing items (the highlighted items).Hint: start with the cost of goods manufacturedStatement of Net I

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 7PB: Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to...

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