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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
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

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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