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Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outsta Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000

Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outsta Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000

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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Income Statement Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outstanding. Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000 Factory repairs and maintenance 84,000 Total manufacturing overhead 468,000 Total manufacturing costs for the year 1,494,000 Add: Beginning work in process inventory Total cost of work in process during the year 102,000 1,596,000 Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory 135,000 1,461,000 63,000 Cost of goods available for sale 1,524,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $1,470,000 Selling expenses (total) $189,000 Non-factory administrative expenses (totall 171.000
Transcribed Image Text:Income Statement Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outstanding. Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000 Factory repairs and maintenance 84,000 Total manufacturing overhead 468,000 Total manufacturing costs for the year 1,494,000 Add: Beginning work in process inventory Total cost of work in process during the year 102,000 1,596,000 Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory 135,000 1,461,000 63,000 Cost of goods available for sale 1,524,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $1,470,000 Selling expenses (total) $189,000 Non-factory administrative expenses (totall 171.000
nasn sauddos Factory depreciation 234,000 Factory repairs and maintenance 84,000 Total manufacturing overhead Total manufacturing costs for the year 468,000 1,494,000 Add: Beginning work in process inventory 102,000 Total cost of work in process during the year 1,596,000 Less: Ending work in process inventory 135,000 Cost of goods manufactured 1,461,000 Add: Beginning finished goods inventory 63,000 Cost of goods available for sale 1,524,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $1,470,000 Selling expenses (total) Non-factory administrative expenses (total) $189,000 171,000 Prepare an income statement for the year (ignore income taxes). Calculate earnings per share. Do not use negative signs with answers. Rouhd earnings per share to two decimal places. Kelly Metal Products Corporation Income Statement For the Year Ended December 31,2016 0. Gross profit on sales Operating expenses: 4. 0. 0. Earnings per share of common stock 0. %24 %24 %24 %24
Transcribed Image Text:nasn sauddos Factory depreciation 234,000 Factory repairs and maintenance 84,000 Total manufacturing overhead Total manufacturing costs for the year 468,000 1,494,000 Add: Beginning work in process inventory 102,000 Total cost of work in process during the year 1,596,000 Less: Ending work in process inventory 135,000 Cost of goods manufactured 1,461,000 Add: Beginning finished goods inventory 63,000 Cost of goods available for sale 1,524,000 Less: Ending finished goods inventory 54,000 Cost of goods sold $1,470,000 Selling expenses (total) Non-factory administrative expenses (total) $189,000 171,000 Prepare an income statement for the year (ignore income taxes). Calculate earnings per share. Do not use negative signs with answers. Rouhd earnings per share to two decimal places. Kelly Metal Products Corporation Income Statement For the Year Ended December 31,2016 0. Gross profit on sales Operating expenses: 4. 0. 0. Earnings per share of common stock 0. %24 %24 %24 %24
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