Income StatementKelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outstanding.Kelly Metal Products CorporationSchedule of Cost of Goods Manufactured and SoldFor the Year Ended December 31,2016Direct material:Beginning materials inventory$96,000Cost of materials purchased630,000Cost of material available726,000Less: Ending materials Inventory66,000Total materials used660,000Less: Indirect material used39,000Direct materials used$621,000Direct labor405,000Manufacturing overheadIndirect material39,000Indirect labor75,000Factory supplies used36,000Factory depreciation234,000Factory repairs and maintenance84,000Total manufacturing overhead468,000Total manufacturing costs for the year1,494,000Add: Beginning work in process inventoryTotal cost of work in process during the year102,0001,596,000Less: Ending work in process inventoryCost of goods manufacturedAdd: Beginning finished goods inventory135,0001,461,00063,000Cost of goods available for sale1,524,000Less: Ending finished goods inventory54,000Cost of goods sold$1,470,000Selling expenses (total)$189,000Non-factory administrative expenses (totall171.000 nasn sauddosFactory depreciation234,000Factory repairs and maintenance84,000Total manufacturing overheadTotal manufacturing costs for the year468,0001,494,000Add: Beginning work in process inventory102,000Total cost of work in process during the year1,596,000Less: Ending work in process inventory135,000Cost of goods manufactured1,461,000Add: Beginning finished goods inventory63,000Cost of goods available for sale1,524,000Less: Ending finished goods inventory54,000Cost of goods sold$1,470,000Selling expenses (total)Non-factory administrative expenses (total)$189,000171,000Prepare an income statement for the year (ignore income taxes). Calculate earnings per share.Do not use negative signs with answers. Rouhd earnings per share to two decimal places.Kelly Metal Products CorporationIncome StatementFor the Year Ended December 31,20160.Gross profit on salesOperating expenses:4.0.0.Earnings per share of common stock0.%24%24%24%24

Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outsta Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000

Kelly Metal Products Corporation sold 60,000 units of product for $46 each during 2016. During the year, 30,000 shares of common stock were outsta Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $96,000 Cost of materials purchased 630,000 Cost of material available 726,000 Less: Ending materials Inventory 66,000 Total materials used 660,000 Less: Indirect material used 39,000 Direct materials used $621,000 Direct labor 405,000 Manufacturing overhead Indirect material 39,000 Indirect labor 75,000 Factory supplies used 36,000 Factory depreciation 234,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 22E

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