Consider the following account balances (in thousands) for the Canseco Company: Beginning of Canseco Company Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer- service costs General and administrative costs 2014 26,000 25,000 17,000 End of 2014 29,000 21,000 20,000 79,000 23,000 11,000 8,000 10,000 5,000 92,000 36,000 1. Prepare a schedule for the cost of goods manufactured for 2014. 2. Revenues for 2014 were $295 million. Prepare the income statement for 2014.
Consider the following account balances (in thousands) for the Canseco Company: Beginning of Canseco Company Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer- service costs General and administrative costs 2014 26,000 25,000 17,000 End of 2014 29,000 21,000 20,000 79,000 23,000 11,000 8,000 10,000 5,000 92,000 36,000 1. Prepare a schedule for the cost of goods manufactured for 2014. 2. Revenues for 2014 were $295 million. Prepare the income statement for 2014.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following account balances (in thousands) for the Canseco Company:
Beginning
of
Canseco Company
Direct materials inventory
Work-in-process inventory
Finished goods inventory
Purchases of direct materials
Direct manufacturing labor
Indirect manufacturing labor
Plant insurance
Depreciation-plant, building, and
equipment
Repairs and maintenance-plant
Marketing, distribution, and customer-
service costs
General and administrative costs
2014
26,000
25,000
17,000
End of
2014
29,000
21,000
20,000
79,000
23,000
11,000
8,000
10,000
5,000
92,000
36,000
1. Prepare a schedule for the cost of goods manufactured for 2014.
2. Revenues for 2014 were $295 million. Prepare the income statement for 2014.
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