Additional information:• Materials inventory (ending) - $2,800• Work in process (ending) - $3,200• Finished goods (ending) - $2,100Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a cost of goods manufactured statement and an income statement. DebitCreditCash11,700Accounts receivable400Materials inventory2,600Work in process inventory1, 800Finished goods inventory1,200Plant and equipment5,000Accumulated depreciation, plant and equipment500Accounts payable8,600Common stock6,000Retained earnings11,000Sales40,000Direct factory labor13,600Material purchases11,900Depreciation, plant and equipment2,000Freight-in materials1,100Insurance and taxes, plant and equipment200Indirect factory labor5,800Rent, administrative building5,500Salaries, general and administrative2,300Office supplies, general and administrative1,00066,10066,100

Statement of cost of goods manufactured used to compute cost finished goods manufactured

Answered: prepare a cost of goods manufactured…

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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Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 • Finished goods (ending) - $2,100 Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a cost of goods manufactured statement and an income statement.

Debit
Credit
Cash
11,700
Accounts receivable
400
Materials inventory
2,600
Work in process inventory
1, 800
Finished goods inventory
1,200
Plant and equipment
5,000
Accumulated depreciation, plant and equipment
500
Accounts payable
8,600
Common stock
6,000
Retained earnings
11,000
Sales
40,000
Direct factory labor
13,600
Material purchases
11,900
Depreciation, plant and equipment
2,000
Freight-in materials
1,100
Insurance and taxes, plant and equipment
200
Indirect factory labor
5,800
Rent, administrative building
5,500
Salaries, general and administrative
2,300
Office supplies, general and administrative
1,000
66,100
66,100

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