Income statement and schedule of cost of goods manufactured. The following items (in millions)pertain to Schaeffer Corporation:Schaeffer's manufacturing costing system uses a three-part classification of direct materials, directmanufacturing labor, and manufacturing overhead costs.For Year 2017For Specific DateWork-in-process inventory, Jan. 1, 2017Direct materials inventory, Dec. 31, 2017Finished-goods inventory, Dec. 31, 2017Accounts payable, Dec. 31, 2017Accounts receivable, Jan. 1, 2017$10Plant utilitiesIndirect manufacturing laborDepreciation-plant and equipmentRevenues21162435953Miscellaneous manufacturingoverheadMarketing, distribution, andcustomer-service costs15Work-in-process inventory, Dec. 31, 201706Finished-goods inventory, Jan 1, 2017Accounts receivable, Dec. 31, 2017Accounts payable, Jan. 1, 2017Direct materials inventory, Jan. 1, 201746Direct materials purchasedDirect manufacturing laborPlant supplies usedProperty taxes on plant8832404534Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additionalquestions regarding these facts, see the next problem.)

Answered: Image /qna-images/answer/23f15472-f79a-47c0-b682-271a465c0ef4.jpg

Answered: Income statement and schedule of cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 using the absorption costing method, INFORMATION The following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 units Production for the year 30 000 units Sales for the year (at R240 per unit) 25 000 units Costs: Direct materials cost per unit R60 Direct labour cost per unit R36 Variable manufacturing overheads cost per unit R24 Variable selling and administrative costs per unit sold R12 Fixed manufacturing overhead cost R696 000 Fixed selling and administrative cost R303 200 Additional information The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110 for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrative costs per unit for the same period amounted to R10, The firs-in-first out method of inventory…
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
The following accounts of ABC Manufacturing Co. appeared in its balance sheets on December 31, 2013 and December 31, 2014: Materials inventory Work in process inventory Finished goods inventory 2013 P60,000 34,000 46,000 Materials used Cost of goods sold Direct labor Indirect labor The following amounts appeared in the company's statement of comprehensive income for 2014: P 600,000 1,840,000 410,000 140,000 2014 P90,000 35,000 36,000 REQUIREMENT: Compute for the: a) Amount of raw materials purchased b) Cost of goods manufactured
Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $313,000 Selling and administrative expenses 127,500 Purchases of raw materials 43,000 Direct labor 30,000 Manufacturing overhead 53,500 Inventories August 1 August 31 Raw materials $ 6,000 $ 5,000 Work-in-process 12,000 11,000 Finished goods 15,000 17,000 RequiredPrepare a statement of cost of goods manufactured and an income statement for August 2017.Do not use negative signs with any of your answers below. Bridgeview Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ending August 31, 2017 Current manufacturing costs: Cost of materials placed in production: Raw materials, 8/1/17 Answer Purchases Answer Total available Answer Raw materials, 8/31/17 Answer Answer Direct labor Answer…
Problems:
Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
Please use the data below to complete the Cost of Goods Manufactured for Corporation:
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, Dec. 31, 2016 Work in process, Dec. 31, 2017 Direct materials Direct labor Factory overhead costs Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Total manufacturing costs Total cost of work in process $ 190,000 66,000 Cost of goods manufactured 30,800 160,600 146,500 $ 190,000 66,000 30,800 286,800 286,800 $ 286,800
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS