Question 1.2Following are the account balances for the DC Company in 2018:Beginning of 201826,500Ending of 2018Direct materials inventoryWork-in-process inventoryFinished-goods inventory27,00028,40022,10079,00030,50016,500Purchases of direct materialsDirect manufacturing laborIndirect manufacturing labor24,50018,600Plant insurance7,900Depreciation-plant, building, and equipmentRepairs and maintenance-plantMarketing, distribution, and customer-service costs11,8003,50087,900General and administrative costs26,500Required:1. Prepare a schedule for the cost of goods manufactured for 2018.2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

1. Cost of goods manufactured CALCULATION PARTICULAR WORKING AMOUNT ($) Raw…

Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 26,500 27,000 30,500 28,400 16,500 22,100 Purchases of direct materials 79,000 Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 26,500 27,000 30,500 28,400 16,500 22,100 Purchases of direct materials 79,000 Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

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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