Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

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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ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
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