manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following: Data Table Balances: Beginning Ending Direct Materials $13,800 $8,500 Work-in-Process Inventory 0 2,500 Finished Goods Inventory 0 5,500 Data Table Other information: Direct materials purchases $35,000 Plant janitorial services 400 Sales salaries 5,600 Delivery costs 1,700 Net sales revenue 109,000 Utilities for plant 1,700 Rent on plant 14,000 Customer service hotline costs 1,600 Direct labor 24,000 Requirement 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Yum Yum Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 Direct Materials Used: Direct Materials Used Manufacturing Overhead: Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirements 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. 2. Prepare an income statement for Yum Yum Treats for the year ended December 31, 2024. 3. How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser? 4. Yum Yum Treats manufactured 17,200 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent.

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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manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following:

Data Table

Balances:	Beginning	Ending
Direct Materials	$13,800	$8,500
Work-in-Process Inventory	0	2,500
Finished Goods Inventory	0	5,500

Data Table

Other information:
Direct materials purchases	$35,000
Plant janitorial services	400
Sales salaries	5,600
Delivery costs	1,700
Net sales revenue	109,000
Utilities for plant	1,700
Rent on plant	14,000
Customer service hotline costs	1,600
Direct labor	24,000

Requirement 1. Prepare a schedule of cost of goods manufactured for

Yum Yum Treats

for the year ended

December

31,

2024.

(For accounts with a $0 balance, make sure to enter "0" in the appropriate column.)

Yum Yum Treats
Schedule of Cost of Goods Manufactured
Year Ended December 31, 2024

Direct Materials Used:




Direct Materials Used

Manufacturing Overhead:



Total Manufacturing Overhead
Total Manufacturing Costs Incurred during the Year
Total Manufacturing Costs to Account For

Cost of Goods Manufactured

Requirements

1.	Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024.
2.	Prepare an income statement for Yum Yum Treats for the year ended December 31, 2024.
3.	How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser?
4.	Yum Yum Treats manufactured 17,200 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent.

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