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Vasani House Company produces numerous fabrics for use in automobile, airplane, and boat seats. For last year, Vasani House reported the following: Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January 11 Direct materials inventory, December 31 Direct materials purchased Direct labor Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Sales commissions Salary, sales supervisor Depreciation, factory equipment Administrative expenses Supplies (70% used in the factory, 30% used in the sales office) $28,750 23,250 46,500 49,000 12,050 13,550 241,000 485,000 75,900 88,100 58,800 40,700 62,000 75,000 28,000 288,600 80,000 Advertising expense 53,400 Last year, Vasani House produced 6,800 units and sold 7,000 units at $250 per unit.

Vasani House Company produces numerous fabrics for use in automobile, airplane, and boat seats. For last year, Vasani House reported the following: Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January 11 Direct materials inventory, December 31 Direct materials purchased Direct labor Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Sales commissions Salary, sales supervisor Depreciation, factory equipment Administrative expenses Supplies (70% used in the factory, 30% used in the sales office) $28,750 23,250 46,500 49,000 12,050 13,550 241,000 485,000 75,900 88,100 58,800 40,700 62,000 75,000 28,000 288,600 80,000 Advertising expense 53,400 Last year, Vasani House produced 6,800 units and sold 7,000 units at $250 per unit.

FINANCIAL ACCOUNTING
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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Cost of Goods Manufactured, Income Statement Vasani House Company produces numerous fabrics for use in automobile, airplane, and boat seats. For last year, Vasani House reported the following: Work-in-process inventory, January 11 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January 11 Direct materials inventory, December 31 Direct materials purchased Direct labor Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Sales commissions Salary, sales supervisor Depreciation, factory equipment Administrative expenses Supplies (70% used in the factory, 30% used in the sales office) $ 28,750 23,250 46,500 49,000 12,050 13,550 241,000 485,000 75,900 88,100 58,800 40,700 62,000 75,000 28,000 288,600 80,000 Advertising expense 53,400 Last year, Vasani House produced 6,800 units and sold 7,000 units at $250 per unit.
Transcribed Image Text:Cost of Goods Manufactured, Income Statement Vasani House Company produces numerous fabrics for use in automobile, airplane, and boat seats. For last year, Vasani House reported the following: Work-in-process inventory, January 11 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Direct materials inventory, January 11 Direct materials inventory, December 31 Direct materials purchased Direct labor Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Sales commissions Salary, sales supervisor Depreciation, factory equipment Administrative expenses Supplies (70% used in the factory, 30% used in the sales office) $ 28,750 23,250 46,500 49,000 12,050 13,550 241,000 485,000 75,900 88,100 58,800 40,700 62,000 75,000 28,000 288,600 80,000 Advertising expense 53,400 Last year, Vasani House produced 6,800 units and sold 7,000 units at $250 per unit.
) 1. Prepare a statement of cost of goods manufactured. Vasani House Company Statement of Cost of Goods Manufactured For Last Year Direct materials: Beginning inventory Add: Purchases Less: Ending inventory Direct materials used in production Direct labor Manufacturing overhead: Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Depreciation, factory equipment Supplies Total manufacturing costs added Add: Beginning work in process Less: Ending work in process Cost of goods manufactured Sales Cost of goods sold: Less operating expenses: ▶ 12,050 241,000 0000 13,550 75,900 88,100 58,800 40,700 28,000 7,000 241,000 2. Prepare an absorption-costing income statement. Vasani House Company Income Statement: Absorption Costing For Last Year 485,000 298,500 28,750 23,250
Transcribed Image Text:) 1. Prepare a statement of cost of goods manufactured. Vasani House Company Statement of Cost of Goods Manufactured For Last Year Direct materials: Beginning inventory Add: Purchases Less: Ending inventory Direct materials used in production Direct labor Manufacturing overhead: Plant depreciation Salary, production supervisor Indirect labor Utilities, factory Depreciation, factory equipment Supplies Total manufacturing costs added Add: Beginning work in process Less: Ending work in process Cost of goods manufactured Sales Cost of goods sold: Less operating expenses: ▶ 12,050 241,000 0000 13,550 75,900 88,100 58,800 40,700 28,000 7,000 241,000 2. Prepare an absorption-costing income statement. Vasani House Company Income Statement: Absorption Costing For Last Year 485,000 298,500 28,750 23,250
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