Bundle: Managerial Accounting, Loose-leaf Version, 14th - Book Only
14th Edition
ISBN: 9781337541398
Author: Carl Warren; James M. Reeve; Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 5PB
Statement of cost of goods manufactured and income statement for a manufacturing company
The following information is available for Shanika Company for 20Y6:
Instructions
- 1. Prepare the 20Y6 statement of cost of goods manufactured.
- 2. Prepare the 20Y6 income statement.
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Which of the following costs would be included on an income statement for both a merchandising company and a manufacturing company.
Group of answer choices
operating expenses
direct materials
direct labor incurred
cost of goods manufactured
Bledsoe Corporation has provided the following data for the month of November:
Ending
Beginning
$ 25,200
$ 17,200
$ 48,200
Inventories:
Raw materials
Work in process
Finished Goods
Additional information:
Raw materials purchases
Direct labor cost
$ 72,200
$ 92,200
Manufacturing overhead cost incurred
$ 42,220
Indirect materials included in manufacturing overhead cost
incurred
$ 4,020
Manufacturing overhead cost applied to Work in Process
$ 41,200
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
Required:
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold.
Complete this question by entering your answers in the table below.
Schedule of Schedule of
COGM
COGS
$ 21,200
$ 10,200
$ 56,200
Prepare a Schedule of Cost of Goods Manufactured.
Direct materials
BLEDSOE CORPORATION
Schedule of Cost of Goods Manufactured
eBook
Cost of Goods Manufactured and Sold
Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar
year:
Direct labor cost
Purchases of direct materials
Freight-In on materials
Factory supplies used
Factory utilities
Commissions paid
Factory supervision and indirect labor
Advertising
Materials handling
Work-in-process inventory, January 1
Work-in-process inventory, December 31
Show Me How
Direct materials inventory, January 1
Direct materials inventory, December 31
Finished goods inventory, January 1
Finished goods inventory, December 31
$496,580
376,390
7,250
17,000
52,520
78,219
162,270
145,910
17,790
203,540
118,070
39,640
32,610
62,980
63,460
Chapter 1 Solutions
Bundle: Managerial Accounting, Loose-leaf Version, 14th - Book Only
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - What manufacturing cost term is used to describe...Ch. 1 - Distinguish between prime costs and conversion...Ch. 1 - What is the difference between a product cost and...Ch. 1 - Name the three inventory accounts for a...Ch. 1 - In what order should the three inventories of a...Ch. 1 - What are the three categories of manufacturing...Ch. 1 - Prob. 9DQCh. 1 - How does the Cost of goods sold section of the...
Ch. 1 - Management process Three phases of the management...Ch. 1 - Prob. 2BECh. 1 - Prime and conversion costs Identify the following...Ch. 1 - Product and period costs Identify the following...Ch. 1 - Cost of goods sold, cost of goods manufactured...Ch. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Concepts and terminology From the choices...Ch. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Classifying costs The following is a manufacturing...Ch. 1 - Prob. 10ECh. 1 - Manufacturing company balance sheet Partial...Ch. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Cost of goods manufactured for a manufacturing...Ch. 1 - Income statement for a manufacturing company Two...Ch. 1 - Statement of cost of goods manufactured for a...Ch. 1 - Cost of goods sold, profit margin, and net income...Ch. 1 - Cost flow relationships The following information...Ch. 1 - Classifying costs The following is a list of costs...Ch. 1 - Prob. 2PACh. 1 - Cost classifications for a service company A...Ch. 1 - Manufacturing income statement, statement of cost...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1PBCh. 1 - Classifying costs The following is a list of costs...Ch. 1 - Prob. 3PBCh. 1 - Several items are omitted from the income...Ch. 1 - Statement of cost of goods manufactured and income...Ch. 1 - Prob. 1ADMCh. 1 - Comparing occupancy for two hotels Sunrise Suites...Ch. 1 - Prob. 3ADMCh. 1 - Prob. 4ADMCh. 1 - Prob. 1TIFCh. 1 - Communication Todd Johnson is the Vice President...
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.arrow_forwardWhich of the following represents the components of the income statement for a manufacturing business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Service Revenue - Cost of Goods Manufactured = gross profit D. Sales Revenue - Cost of Goods Manufactured = gross profitarrow_forwardFrom beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventoryarrow_forward
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- Just part b, please.arrow_forwardIndicate whether the following items would appear on the cost of goods manufactured schedule, balance sheet, income statement, or retained earnings statement. Raw Materials Inventory, Beginning Interest Expense Dividends Employee Salaries Payable Utilities used in the factory for production [ Select ] Cost of Goods Manufactured Schedule Retained Earnings Statement Balance Sheet Income Statementarrow_forwardAccountingarrow_forward
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