P-M:1-37B Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Direct materials purchases Plant janitorial services Sales salaries Delivery costs Net sales revenue Utilities for plant Rent on plant Customer service hotline costs Direct labor Beginning $ 13,400 0 0 Ending $ 10,500 1,500 5,400 $ 39,000 900 5,100 1,700 115,000 1,200 9,000 1,600 16,000 Requirements 1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2024. 2. Prepare an income statement for Chewy Bones for the year ended December 31, 2024. 3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? 4. Chewy Bones manufactured 17,500 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent. Learning Objective 3 2. Operating income. $44,
P-M:1-37B Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Direct materials purchases Plant janitorial services Sales salaries Delivery costs Net sales revenue Utilities for plant Rent on plant Customer service hotline costs Direct labor Beginning $ 13,400 0 0 Ending $ 10,500 1,500 5,400 $ 39,000 900 5,100 1,700 115,000 1,200 9,000 1,600 16,000 Requirements 1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2024. 2. Prepare an income statement for Chewy Bones for the year ended December 31, 2024. 3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? 4. Chewy Bones manufactured 17,500 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent. Learning Objective 3 2. Operating income. $44,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:P-M:1-37B Preparing a schedule of cost of goods manufactured and an
income statement for a manufacturing company
Chewy Bones manufactures its own brand of pet chew bones. At the end of
December 2024, the accounting records showed the following:
Balances:
Direct Materials
Work-in-Process Inventory
Finished Goods Inventory
Other information:
Direct materials purchases
Plant janitorial services
Sales salaries
Delivery costs
Net sales revenue
Utilities for plant
Rent on plant
Customer service hotline costs
Direct labor
Beginning
$ 13,400
0
0
Ending
$ 10,500
1,500
5,400
$ 39,000
900
5,100
1,700
115,000
1,200
9,000
1,600
16,000
Requirements
1. Prepare a schedule of cost of goods manufactured for Chewy Bones for the year
ended December 31, 2024.
2. Prepare an income statement for Chewy Bones for the year ended December 31,
2024.
3. How does the format of the income statement for Chewy Bones differ from the
income statement of a merchandiser?
4. Chewy Bones manufactured 17,500 units of its product in 2024. Compute the
company's unit product cost for the year, rounded to the nearest cent.
Learning Objective 3
2. Operating income. $44,500
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