The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $345,000 $436,800 Work in process 634,600 591,600 Finished goods 607,800 575,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 42,000 Depreciation expense-factory equipment 55,940 Direct labor 669,000 Heat, light, and power-factory 22,100 Indirect labor 78,500 Materials purchased 658,000 Office salaries expense 185,900 Property taxes-factory 19,000 Property taxes-office building 31,800 Rent expense-factory 32,300 Sales 3,010,000 Sales salaries expense 416,000 Supplies-factory 15,300 Miscellaneous costs-factory 9,300 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 20Y8 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8 Robstown Corporation Statement of Cost of Goods Manufactured ✔ 1 2 Direct materials: 3 4 5 6 7 8 9 Factory overhead: 10 11 12 13 14 15 16 17 18 19 20 21 Robstown Corporation Income Statement 1 2 Cost of goods sold: 3 4 5 6 7 8 9 Operating expenses: 10 Administrative expenses: 11 12 13 14 Selling expenses: 15 16 17 18

The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $345,000 $436,800 Work in process 634,600 591,600 Finished goods 607,800 575,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 42,000 Depreciation expense-factory equipment 55,940 Direct labor 669,000 Heat, light, and power-factory 22,100 Indirect labor 78,500 Materials purchased 658,000 Office salaries expense 185,900 Property taxes-factory 19,000 Property taxes-office building 31,800 Rent expense-factory 32,300 Sales 3,010,000 Sales salaries expense 416,000 Supplies-factory 15,300 Miscellaneous costs-factory 9,300 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 20Y8 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8 Robstown Corporation Statement of Cost of Goods Manufactured ✔ 1 2 Direct materials: 3 4 5 6 7 8 9 Factory overhead: 10 11 12 13 14 15 16 17 18 19 20 21 Robstown Corporation Income Statement 1 2 Cost of goods sold: 3 4 5 6 7 8 9 Operating expenses: 10 Administrative expenses: 11 12 13 14 Selling expenses: 15 16 17 18

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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Question

The following information is available for Robstown Corporation for 20Y8:

Inventories	January 1	December 31
Materials	$345,000	$436,800
Work in process	634,600	591,600
Finished goods	607,800	575,500

	December 31
Advertising expense	$ 294,800
Depreciation expense-office equipment	42,000
Depreciation expense-factory equipment	55,940
Direct labor	669,000
Heat, light, and power-factory	22,100
Indirect labor	78,500
Materials purchased	658,000
Office salaries expense	185,900
Property taxes-factory	19,000
Property taxes-office building	31,800
Rent expense-factory	32,300
Sales	3,010,000
Sales salaries expense	416,000
Supplies-factory	15,300
Miscellaneous costs-factory	9,300

Required:

a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Labels

For the Year Ended December 31, 20Y8

For the Month Ended December 31, 20Y8

Amount Descriptions

Advertising expense

Cost of direct materials used in production

Cost of finished goods available for sale

Cost of goods manufactured

Cost of goods sold

Cost of materials available for use

Depreciation expense-factory equipment

Depreciation expense-office equipment

Direct labor

Finished goods inventory, December 31, 20Y8

Finished goods inventory, January 1, 20Y8

Gross profit

Heat, light, and power-factory

Indirect labor

Materials inventory, December 31, 20Y8

Materials inventory, January 1, 20Y8

Miscellaneous costs-factory

Net income

Office salaries expense

Purchases

Property taxes-factory

Property taxes-office building

Rent expense-factory

Supplies-factory

Sales

Sales salaries expense

Total manufacturing costs incurred in 20Y8

Total factory overhead

Total manufacturing costs

Total operating expenses

Work in process inventory, December 31, 20Y8

Work in process inventory, January 1, 20Y8

Robstown Corporation

Statement of Cost of Goods Manufactured

✔

1
2	Direct materials:
3
4
5
6
7
8
9	Factory overhead:
10
11
12
13
14
15
16
17
18
19
20
21

Robstown Corporation

Income Statement

1
2	Cost of goods sold:
3
4
5
6
7
8
9	Operating expenses:
10	Administrative expenses:
11
12
13
14	Selling expenses:
15
16
17
18

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