Various cost and sales data for Medco Inc. are given for the year December 31, 2016 Purchases of raw materials....... Raw materials inventory, beginning. Raw materials inventory, ending. Depreciation, factory.. Insurance, factory Direct labour..... Maintenance, factory Administrative expenses Sales......... Utilities, factory Supplies, factory. Selling expenses. Indirect labour... Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning. Finished goods inventory, ending. RTINI IIME $ 90,000 10,000 17,000 42,000 5.000 60,000 30,000 70,000 450,000 27,000 1,000 80.000 65,000 7.000 30,000 10,000 40,000
Various cost and sales data for Medco Inc. are given for the year December 31, 2016 Purchases of raw materials....... Raw materials inventory, beginning. Raw materials inventory, ending. Depreciation, factory.. Insurance, factory Direct labour..... Maintenance, factory Administrative expenses Sales......... Utilities, factory Supplies, factory. Selling expenses. Indirect labour... Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning. Finished goods inventory, ending. RTINI IIME $ 90,000 10,000 17,000 42,000 5.000 60,000 30,000 70,000 450,000 27,000 1,000 80.000 65,000 7.000 30,000 10,000 40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement.

Transcribed Image Text:Various cost and sales data for Medco Inc. are given for the year December 31, 2016:
Purchases of raw materials........
Raw materials inventory, beginning.......
Raw materials inventory, ending.
Depreciation, factory..
Insurance, factory......
Direct labour.....
Maintenance, factory .......
Administrative expenses
Sales......
Utilities, factory .......
Supplies, factory.......
Selling expenses.......
Indirect labour.
Work in process inventory, beginning.
Work in process inventory, ending.
Finished goods inventory, beginning
Finished goods inventory, ending......
$ 90,000
10,000
17,000
42.000
5.000
60,000
30,000
70,000
450,000
27,000
1,000
80.000
65.000
7.000
30,000
10,000
40,000
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