Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Beginning of 2017 End of Carolina Corporation Direct materials inventory 2017 73,000 124,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials 173,000 145,000 240,000 206,000 262,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 217,000 97,000 9,000 45,000 Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs 26,000 12,000 65,000 125,000 General and administrative costs 71,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Beginning of 2017 End of Carolina Corporation Direct materials inventory 2017 73,000 124,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials 173,000 145,000 240,000 206,000 262,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 217,000 97,000 9,000 45,000 Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs 26,000 12,000 65,000 125,000 General and administrative costs 71,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cost of goods manufactured, income statement, manufacturing company. Consider the following
account balances (in thousands) for the Carolina Corporation:
Beginning of
2017
End of
Carolina Corporation
Direct materials inventory
2017
73,000
124,000
Work-in-process inventory
Finished-goods inventory
Purchases of direct materials
173,000
145,000
240,000
206,000
262,000
Direct manufacturing labor
Indirect manufacturing labor
Plant insurance
217,000
97,000
9,000
45,000
Depreciation-plant, building, and equipment
Plant utilities
Repairs and maintenance-plant
Equipment leasing costs
Marketing, distribution, and customer-service costs
26,000
12,000
65,000
125,000
General and administrative costs
71,000
1. Prepare a schedule for the cost of goods manufactured for 2017.
2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
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