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3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x S Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x S Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?

3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x S Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x S Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?

FINANCIAL ACCOUNTING
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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3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x $ Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x $ Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?
Transcribed Image Text:3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x $ Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x $ Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?
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