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Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor Marketing costs Direct labor Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. (5000) $ 26,985.0 3,958.0 2,876.0 2,710.0 2,466.0 2,432.0 2,454.0 701.0 101.0 2,380.0 *380* 2,370.0 370.0 2,315.0 343.0 2,211.0 FELLO 46.0 40.0 41.0 161 16.1 14.2 13.1 10.2

Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor Marketing costs Direct labor Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. (5000) $ 26,985.0 3,958.0 2,876.0 2,710.0 2,466.0 2,432.0 2,454.0 701.0 101.0 2,380.0 *380* 2,370.0 370.0 2,315.0 343.0 2,211.0 FELLO 46.0 40.0 41.0 161 16.1 14.2 13.1 10.2

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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Problem 2-67 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor ever S Marketing costs Direct labor Peri Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision sintaker Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. a. Prepare a cost of goods sold statement. b. Prepare an income statement. Beginning inventory, January 1 Manufacturing costs: Direct materials: Manufacturing overhead: (5000) $ 26,985.0 Total manufacturing overhead 3,958.0 2,876.0 2,710.0 2,466.0 2432.0 270.0 Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars rounded to 1 decimal place (i.e., 234,100 should be entered as 234.1). 2,380.0 2,370.0 115 0 2,315.0 2,211.0 46.0 46.0 41.0 16.1 14.2 13.1 10.2 Alwar Brothers Statement of Cost of Goods Sold For the Year Ended December 31 ($000)
Transcribed Image Text:Problem 2-67 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor ever S Marketing costs Direct labor Peri Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision sintaker Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. a. Prepare a cost of goods sold statement. b. Prepare an income statement. Beginning inventory, January 1 Manufacturing costs: Direct materials: Manufacturing overhead: (5000) $ 26,985.0 Total manufacturing overhead 3,958.0 2,876.0 2,710.0 2,466.0 2432.0 270.0 Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars rounded to 1 decimal place (i.e., 234,100 should be entered as 234.1). 2,380.0 2,370.0 115 0 2,315.0 2,211.0 46.0 46.0 41.0 16.1 14.2 13.1 10.2 Alwar Brothers Statement of Cost of Goods Sold For the Year Ended December 31 ($000)
COGS statement Income statement Prepare an income statement. Note: Enter your answers in thousands of dollars rounded to 1 decimal place (i.e., 234,100 should be entered as 234.1] Alwar Brothers Income Statement For the Year Ended December 31 ($000) Marketing and administrative costs: Total marketing and administrative costs <COGS statement $ 0.0 Income statement >
Transcribed Image Text:COGS statement Income statement Prepare an income statement. Note: Enter your answers in thousands of dollars rounded to 1 decimal place (i.e., 234,100 should be entered as 234.1] Alwar Brothers Income Statement For the Year Ended December 31 ($000) Marketing and administrative costs: Total marketing and administrative costs <COGS statement $ 0.0 Income statement >
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