Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials 23,000 21,000 26,000 25,000 13,000 20,000 74,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 22,000 17,000 7,000 11,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.

Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials 23,000 21,000 26,000 25,000 13,000 20,000 74,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 22,000 17,000 7,000 11,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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