Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $313,000 Selling and administrative expenses 127,500 Purchases of raw materials 43,000 Direct labor 30,000 Manufacturing overhead 53,500 Inventories August 1 August 31 Raw materials $ 6,000 $ 5,000 Work-in-process 12,000 11,000 Finished goods 15,000 17,000 RequiredPrepare a statement of cost of goods manufactured and an income statement for August 2017.Do not use negative signs with any of your answers below. Bridgeview Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ending August 31, 2017 Current manufacturing costs: Cost of materials placed in production: Raw materials, 8/1/17 Answer Purchases Answer Total available Answer Raw materials, 8/31/17 Answer Answer Direct labor Answer Manufacturing overhead Answer Answer Work-in-process, 8/1/17 Answer Total costs in process Answer Work-in-process, 8/31/17 Answer Cost of goods manufactured Answer Bridgeview Manufacturing Company Income Statement For the Month Ending August 31, 2017 Sales Answer Cost of goods sold Finished goods inventory, 8/1/17 Answer Cost of goods manufactured Answer Total goods available for sale Answer Finished goods inventory, 8/31/17 Answer Answer Gross profit Answer Selling and administrative expenses Answer Net income Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Statement of Cost of Goods Manufactured and Income Statement
Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:

Sales	$313,000
Selling and administrative expenses	127,500
Purchases of raw materials	43,000
Direct labor	30,000
Manufacturing overhead	53,500

	Inventories
	August 1	August 31
Raw materials	$ 6,000	$ 5,000
Work-in-process	12,000	11,000
Finished goods	15,000	17,000

Required
Prepare a statement of cost of goods manufactured and an income statement for August 2017.
Do not use negative signs with any of your answers below.

Bridgeview Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ending August 31, 2017
Current manufacturing costs:
Cost of materials placed in production:
Raw materials, 8/1/17	Answer
Purchases	Answer
Total available	Answer
Raw materials, 8/31/17	Answer	Answer
Direct labor		Answer
Manufacturing overhead		Answer	Answer
Work-in-process, 8/1/17			Answer
Total costs in process			Answer
Work-in-process, 8/31/17			Answer
Cost of goods manufactured			Answer

Bridgeview Manufacturing Company
Income Statement
For the Month Ending August 31, 2017
Sales		Answer
Cost of goods sold
Finished goods inventory, 8/1/17	Answer
Cost of goods manufactured	Answer
Total goods available for sale	Answer
Finished goods inventory, 8/31/17	Answer	Answer
Gross profit		Answer
Selling and administrative expenses		Answer
Net income		Answer

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