Shaffer Company has the following information for the year ended December 31, 2016. Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all accounts are shown in millions. Inventories: Raw Materials Work-In-Process Beginning 8 14 Ending 9 19

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Chapter1: Financial Statements And Business Decisions
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19-23
Shaffer Company has the following information for the year ended December 31, 2016. Use the information to
prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are
used and all accounts are shown in millions.
Inventories:
Raw Materials
Work-In-Process
Finished Goods
Other Information:
Sales Revenue
Selling and Administrative Expenses
Direct Labor
Manufacturing Overhead
Materials Purchases
Beginning
8
14
4
Ending
9
19
11
228
64
46
16
25
Transcribed Image Text:19-23 Shaffer Company has the following information for the year ended December 31, 2016. Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all accounts are shown in millions. Inventories: Raw Materials Work-In-Process Finished Goods Other Information: Sales Revenue Selling and Administrative Expenses Direct Labor Manufacturing Overhead Materials Purchases Beginning 8 14 4 Ending 9 19 11 228 64 46 16 25
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