Answered: process inventory 102,000 Total…

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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Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outstanding.

Kelly Metal Products Corporation
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31,2016

Direct material:

Beginning materials inventory

$96,000

Cost of materials purchased

630,000

Cost of material available

726,000

Less: Ending materials Inventory

66,000

Total materials used

660,000

Less: Indirect material used

39,000

Direct materials used

$621,000

Direct labor

405,000

Manufacturing overhead

Indirect material

39,000

Indirect labor

75,000

Factory supplies used

36,000

Factory depreciation

234,000

Factory repairs and maintenance

84,000

Total manufacturing overhead

468,000

Total manufacturing costs for the year

1,494,000

Add: Beginning work in process inventory

102,000

Total cost of work in process during the year

1,596,000

Less: Ending work in process inventory

135,000

Cost of goods manufactured

1,461,000

Add: Beginning finished goods inventory

63,000

Cost of goods available for sale

1,524,000

Less: Ending finished goods inventory

54,000

Cost of goods sold

$1,470,000

Selling expenses (total)

$189,000

Non-factory administrative expenses (total)

171,00

Prepare an income statement for the year (ignore income taxes). Calculate earnings per share.

Do not use negative signs with answers. Round earnings per share to two decimal places.

Kelly Metal Products Corporation Income Statement For the Year Ended December 31,2016
Answer: Cost of goods sold, Net income, Non-factory administrative expenses, Sales, or Selling expenses	Answer
Answer: Cost of goods sold, Net income, Non-factory administrative expenses, Sales, or Selling expenses	Answer
Gross profit on sales	Answer
Operating expenses:
Answer: Cost of goods sold, Net income, Sales, or Selling expenses	Answer
Answer: Cost of goods sold, Net income, Non-factory administrative expenses, Sales	Answer	Answer
Answer: Cost of goods sold, Net income, Non-factory administrative expenses, Sales, Selling expenses	Answer
Earnings per share of common stock	Answer

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