Chapter 18, Problem P18.29APGA

Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company
Learning Objective 3
COGM: $182,000
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company Fill in the blanks with the missing words, and replace the Xs with the correct amounts.

			ELLY MANUFACTURING COMPANY
			_________________________________
			_________June 30, 2018
Beginning ____________			$27,000
Direct _________:
Beginning Direct Materials	$X
Purchases of Direct Materials	56,000
____________________	84,000
Ending Direct Materials	(20,000)
Direct___________			$X
Direct __________			X
Manufacturing Overhead		44,000
Total ______ Costs _____			180,000
Total ______ Costs _____			X
Ending _________________			(25,000)
________________________			$X

			ELLY MANUFACTURING COMPANY
			________________________________________
			_________June 30, 2018
Net Sales revenue					$X
Cost of Goods Sold:
Beginning ________________________________	$110,000
Cost of Goods _______________________________	X
Ending ______________________________	X
Cost of Goods Sold				X	232,000
Gross Profit					258,000
______________________ Expenses:
Selling Expenses				98,000
Administrative Expenses			X
Total________________				160,000
____________ Income				$X