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Choice's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain t Choice Corporation: (Click the icon to view the items.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Data table ividi iuiautuiny costs incuntu Uunny Evev 18 Beginning work-in-process inventory, Jan. 1, 2020 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2020 Cost of goods manufactured 327 5 322 Now prepare the income statement for Choice Corporation (in millions). (Use parentheses or a Choice Corporation Income Statement For the Year Ended December 31, 2020 To specme Date Work-in-process inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Finished-goods inventory, December 31, 2020 Accounts payable, December 31, 2020 Accounts receivable, January 1, 2020 Work-in-process inventory, December 31, 2020 Finished-goods inventory, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, January 1, 2020 Direct materials inventory, January 1, 2020 $ 18 7 10 25 56 5 50 39 48 36 Revenues 356 For Year 2020 Cost of goods sold: Beginning finished goods, Jan. 1, 2020 Cost of goods manufactured Cost of goods available for sale Cost of goods available for sale Gross margin Marketing, distribution, and customer-service costs Operating income/(loss) 10 322 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 6 23 4 14 89 45 8 ° སྙ * ༔ ༈ ཆ ྨ ུ 。 ་ 356 2

Choice's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain t Choice Corporation: (Click the icon to view the items.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Data table ividi iuiautuiny costs incuntu Uunny Evev 18 Beginning work-in-process inventory, Jan. 1, 2020 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2020 Cost of goods manufactured 327 5 322 Now prepare the income statement for Choice Corporation (in millions). (Use parentheses or a Choice Corporation Income Statement For the Year Ended December 31, 2020 To specme Date Work-in-process inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Finished-goods inventory, December 31, 2020 Accounts payable, December 31, 2020 Accounts receivable, January 1, 2020 Work-in-process inventory, December 31, 2020 Finished-goods inventory, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, January 1, 2020 Direct materials inventory, January 1, 2020 $ 18 7 10 25 56 5 50 39 48 36 Revenues 356 For Year 2020 Cost of goods sold: Beginning finished goods, Jan. 1, 2020 Cost of goods manufactured Cost of goods available for sale Cost of goods available for sale Gross margin Marketing, distribution, and customer-service costs Operating income/(loss) 10 322 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 6 23 4 14 89 45 8 ° སྙ * ༔ ༈ ཆ ྨ ུ 。 ་ 356 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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Prepare an income statement and a supporting schedule of cost of goods manufactured.
Choice's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain t Choice Corporation: (Click the icon to view the items.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Data table ividi iuiautuiny costs incuntu Uunny Evev Beginning work-in-process inventory, Jan. 1, 2020 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2020 Cost of goods manufactured 18 327 5 322 Now prepare the income statement for Choice Corporation (in millions). (Use parentheses or a Choice Corporation Income Statement For the Year Ended December 31, 2020 356 To specme Date Work-in-process inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Finished-goods inventory, December 31, 2020 Accounts payable, December 31, 2020 Accounts receivable, January 1, 2020 Work-in-process inventory, December 31, 2020 Finished-goods inventory, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, January 1, 2020 Direct materials inventory, January 1, 2020 For Year 2020 Revenues Cost of goods sold: Beginning finished goods, Jan. 1, 2020 Cost of goods manufactured Cost of goods available for sale Cost of goods available for sale Gross margin Marketing, distribution, and customer-service costs Operating income/(loss) 10 322 $ 18 7 10 25 56 5 50 39 48 36 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 6 4 14 91 45 ° གླ * ༔ ་ ཆ གླ ུ ༤ 356 8 2
Transcribed Image Text:Choice's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain t Choice Corporation: (Click the icon to view the items.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Data table ividi iuiautuiny costs incuntu Uunny Evev Beginning work-in-process inventory, Jan. 1, 2020 Total manufacturing costs to account for Ending work-in-process inventory, Dec. 31, 2020 Cost of goods manufactured 18 327 5 322 Now prepare the income statement for Choice Corporation (in millions). (Use parentheses or a Choice Corporation Income Statement For the Year Ended December 31, 2020 356 To specme Date Work-in-process inventory, January 1, 2020 Direct materials inventory, December 31, 2020 Finished-goods inventory, December 31, 2020 Accounts payable, December 31, 2020 Accounts receivable, January 1, 2020 Work-in-process inventory, December 31, 2020 Finished-goods inventory, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, January 1, 2020 Direct materials inventory, January 1, 2020 For Year 2020 Revenues Cost of goods sold: Beginning finished goods, Jan. 1, 2020 Cost of goods manufactured Cost of goods available for sale Cost of goods available for sale Gross margin Marketing, distribution, and customer-service costs Operating income/(loss) 10 322 $ 18 7 10 25 56 5 50 39 48 36 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 6 4 14 91 45 ° གླ * ༔ ་ ཆ གླ ུ ༤ 356 8 2
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