Consider the following account balances (in thousands) for the Canseco Company: Home Insert Page Layout Formulas Data Review View 1 Canseco Company 2 3 Direct materials inventory 4 Work-in-process inventory 5 Finished goods inventory 6 Purchases of direct materials 7 Direct manufacturing labor 8 Indirect manufacturing labor 9 Plant insurance 10 Depreciation-plant, building, and equipment 11 Repairs and maintenance-plant 12 Marketing, distribution, and customer-service costs 13 General and administrative costs Beginning of 2011 End of 2011 $22,000 21,000 18,000 $26,000 20,000 23,000 75,000 25,000 15,000 9,000 11,000 4,000 93,000 29,000 a. Prepare a schedule for the cost of goods manufactured for 2011... b. Revenues for 2011 were $300 million. Prepare the income statement for 2011.

Consider the following account balances (in thousands) for the Canseco Company: Home Insert Page Layout Formulas Data Review View 1 Canseco Company 2 3 Direct materials inventory 4 Work-in-process inventory 5 Finished goods inventory 6 Purchases of direct materials 7 Direct manufacturing labor 8 Indirect manufacturing labor 9 Plant insurance 10 Depreciation-plant, building, and equipment 11 Repairs and maintenance-plant 12 Marketing, distribution, and customer-service costs 13 General and administrative costs Beginning of 2011 End of 2011 $22,000 21,000 18,000 $26,000 20,000 23,000 75,000 25,000 15,000 9,000 11,000 4,000 93,000 29,000 a. Prepare a schedule for the cost of goods manufactured for 2011... b. Revenues for 2011 were $300 million. Prepare the income statement for 2011.

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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