Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income June 30, 2024 $ 118,000 X X X 94,000 X $X 227,000 283,000 157,000 SX Beginning. Direct Direct Direct Beginning Direct Materials Purchases of Direct Materials Total Total Ending Ending Direct Materials Manufacturing Overhead Costs Costs June 30, 2024 bil. 59,000 79,000 (29,000) SX X 41,000 $ 30,000 164,000 X (24,000) $X
Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income June 30, 2024 $ 118,000 X X X 94,000 X $X 227,000 283,000 157,000 SX Beginning. Direct Direct Direct Beginning Direct Materials Purchases of Direct Materials Total Total Ending Ending Direct Materials Manufacturing Overhead Costs Costs June 30, 2024 bil. 59,000 79,000 (29,000) SX X 41,000 $ 30,000 164,000 X (24,000) $X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Certain item, descriptions and amounts are missing from the monthly schedule of cost of goods, manufactured, and income statement of Weber manufacturing company.
Fill in the blanks with the missing words, a replace the X’s with the correct amounts
Transcribed Image Text:Data table
Webber Manufacturing Company
Net Sales Revenue
Cost of Goods Sold:
Beginning
Cost of Goods
Ending
Cost of Goods Sold
Gross Profit
Total
Expenses:
Selling Expenses
Administrative Expenses
Income
Print
June 30, 2024
$ 118,000
X
Done
X
X
94,000
X
$X
227,000
283,000
157,000
$X
- X
Data table
Beginning
Direct
Direct
Direct
Total
Total
Ending
Webber Manufacturing Company
Beginning Direct Materials
Purchases of Direct Materials
Manufacturing Overhead
Costs
Costs
Ending Direct Materials
Print
June 30, 2024
$X
59,000
79,000
(29,000)
Done
$X
X
41,000
$
30,000
164,000
X
(24,000)
$X
Expert Solution
Step 1
Cost of goods manufactured:
It is the expenses incurred by a manufacturing concern in order to produce the finished product .Cost of goods manufactured includes direct materials,direct labor and manufacturing overhead.
Income statement :
Income statement of a manufacturing concern displays gross income and operating income.Gross profit is the difference between sales and cost of goods sold.
Operating income =Gross profit -Operating expenses
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