4. Several items are omitted from the income statement and cost of goodsmanufactured statement data for two different companies for the month of March 20X1CharlieBrown CorpLinus Co.Materials Inventory, March 1Materials Inventory, March 31Materials purchasedCost of direct materials used in production65,800195,300(a)91,140282,800(a)317,800(b)Direct labor387,800577,220Factory OverheadTotal manufacturing costs incurred in MarchWork in process inventory, March 1148,400256,060(b)1,519,000119,000208,320(c)Work in process inventory, March 31Cost of goods manufactured172,200(c)1,532,020Finished goods inventory, March 1224,000269,080Finished goods inventory, March 31197,400(d)Sales1,127,0001,944,320Cost of goods soldGross profit(d)1,545,040(e)(e)(f )Operating expenses117,600Net income(f)164,920a. Determine the amounts of the missing items for each company identifying them by letter.b. Prepare Charlie Brown Corporation's statement of cost of goods manufactured for March.c. Prepare Charlie Brown Corporation's income statement for March.

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Description: 4. Several items are omitted from the income statement and cost of goodsmanufactured statement data for two different companies for the month of March 20X1CharlieBrown CorpLinus Co.Materials Inventory, March 1Materials Inventory, March 31Materials p

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4. Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of March 20X1 Charlie Brown Corp Linus Co. Materials Inventory, March 1 Materials Inventory, March 31 65,800 195,300 (a) 91,140 (a) (b) 577,220 Materials purchased 282,800 Cost of direct materials used in production 317,800 Direct labor 387,800 Factory Overhead Total manufacturing costs incurred in March 148,400 256,060 (b) 1,519,000

4. Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of March 20X1 Charlie Brown Corp Linus Co. Materials Inventory, March 1 Materials Inventory, March 31 65,800 195,300 (a) 91,140 (a) (b) 577,220 Materials purchased 282,800 Cost of direct materials used in production 317,800 Direct labor 387,800 Factory Overhead Total manufacturing costs incurred in March 148,400 256,060 (b) 1,519,000

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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