Melville Manufacturing produces metal components for automotive suppliers. Financial records for September show the following: Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, September 1 Direct materials inventory, September 30 $ 2,639,000 1,156,000 1,764,000 4,706,500 1,083,200 1,249,000 Direct materials purchased during the month Distribution costs Finished goods inventory, September 1 Finished goods inventory, September 30 Indirect manufacturing labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Sales revenue Other manufacturing plant costs Taxes (on manufacturing plant and property) Work-in-process inventory, September 1 Work-in-process inventory, September 30 8,970,000 671,000 1,656,000 1,383,500 556,000 67,200 510,300 229,400 798,100 763,250 644,880 22,668,920 229,600 417,250 410,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS statement Income statement Prepare a cost of goods manufactured and sold statement.
Melville Manufacturing produces metal components for automotive suppliers. Financial records for September show the following: Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, September 1 Direct materials inventory, September 30 $ 2,639,000 1,156,000 1,764,000 4,706,500 1,083,200 1,249,000 Direct materials purchased during the month Distribution costs Finished goods inventory, September 1 Finished goods inventory, September 30 Indirect manufacturing labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Sales revenue Other manufacturing plant costs Taxes (on manufacturing plant and property) Work-in-process inventory, September 1 Work-in-process inventory, September 30 8,970,000 671,000 1,656,000 1,383,500 556,000 67,200 510,300 229,400 798,100 763,250 644,880 22,668,920 229,600 417,250 410,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS statement Income statement Prepare a cost of goods manufactured and sold statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Melville Manufacturing produces metal components for automotive suppliers. Financial records for September show the following:
Administrative salaries
Depreciation on the administrative building
Depreciation on the manufacturing plant
Direct labor
Direct materials inventory, September 1
Direct materials inventory, September 30
$ 2,639,000
1,156,000
1,764,000
4,706,500
1,083,200
1,249,000
Direct materials purchased during the month
Distribution costs
Finished goods inventory, September 1
Finished goods inventory, September 30
Indirect manufacturing labor
Insurance (on manufacturing plant)
Legal fees
Maintenance (on the manufacturing plant)
Manufacturing plant utiities
Marketing costs
Sales revenue
Other manufacturing plant costs
Taxes (on manufacturing plant and property)
Work-in-process inventory, September 1
Work-in-process inventory, September 30
8,970,000
671,000
1,656,000
1,383,500
556,000
67,200
510,300
229,400
798,100
763,250
644,880
22,668,920
229,600
417,250
410,700
Required:
a. Prepare a cost of goods manufactured and sold statement.
b. Prepare an income statement.
Complete this question by entering your answers in the tabs below.
COGM and
COGS
statement
Income
statement
Prepare a cost of goods manufactured and sold statement.
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