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Given the following selected account balances of Sunny Manufacturing, prepare (a) its schedule of cost of goods manufactured and (b) its income statement for the year ended December 31.

Given the following selected account balances of Sunny Manufacturing, prepare (a) its schedule of cost of goods manufactured and (b) its income statement for the year ended December 31.

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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Given the following selected account balances of Sunny Manufacturing, prepare (a) its schedule of cost of goods manufactured and (b) its income statement for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs - Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Direct Material Used Beginning Raw material Raw Material purchased Raw material Available for use Ending Raw Material Total Raw Material Used Direct Labor Factory Overhead Total Factory Overhead Total Manufacturing Cost Add: Beginning Goods in Process Total Cost of Goods in Process Less: Ending Goos in Process Cost of Goods Manufactured $ 2,500,000 74,000 107,800 125,500 351,200 450,000 94,000 46,180 114,000 188,000 258,600 85,400 83,000 134,600 Sunny Manufacturing Cost of goods Manufactured 31-Dec
Transcribed Image Text:Given the following selected account balances of Sunny Manufacturing, prepare (a) its schedule of cost of goods manufactured and (b) its income statement for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs - Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Direct Material Used Beginning Raw material Raw Material purchased Raw material Available for use Ending Raw Material Total Raw Material Used Direct Labor Factory Overhead Total Factory Overhead Total Manufacturing Cost Add: Beginning Goods in Process Total Cost of Goods in Process Less: Ending Goos in Process Cost of Goods Manufactured $ 2,500,000 74,000 107,800 125,500 351,200 450,000 94,000 46,180 114,000 188,000 258,600 85,400 83,000 134,600 Sunny Manufacturing Cost of goods Manufactured 31-Dec
Sunny Manufacturing Income Statement Net Sales Revenue Cost of Goods Sold Beginning Finished Inventory Add: Cost of Goods Manaufactured Cost of Goods available for sale Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit General and Administrative Expenses Selling Expenses Total Selling and Administrative expenses Net Income before taxes Income taxes Net Income after tax 31-Dec
Transcribed Image Text:Sunny Manufacturing Income Statement Net Sales Revenue Cost of Goods Sold Beginning Finished Inventory Add: Cost of Goods Manaufactured Cost of Goods available for sale Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit General and Administrative Expenses Selling Expenses Total Selling and Administrative expenses Net Income before taxes Income taxes Net Income after tax 31-Dec
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