Sales $950 Purchases of raw materials $170 Direct labor $210 Manufacturing overhead $200 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $70 Raw materials inventory, ending $80 Work in process inventory, beginning $30 Work in process inventory, ending $20 Finished goods inventory, beginning $100 Finished goods inventory, ending $70 The above data (in thousands of dollars) have been taken from the accounting records of The Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form. (2) Prepare a Schedule of Cost of Goods Manufactured in good form. (3) Compute the Cost of Goods Sold in good form. (4) Using data from your answers above as needed, prepare an Income Statement in good form.
Sales $950 Purchases of raw materials $170 Direct labor $210 Manufacturing overhead $200 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $70 Raw materials inventory, ending $80 Work in process inventory, beginning $30 Work in process inventory, ending $20 Finished goods inventory, beginning $100 Finished goods inventory, ending $70 The above data (in thousands of dollars) have been taken from the accounting records of The Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form. (2) Prepare a Schedule of Cost of Goods Manufactured in good form. (3) Compute the Cost of Goods Sold in good form. (4) Using data from your answers above as needed, prepare an Income Statement in good form.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sales $950
Purchases of raw materials $170
Direct labor $210
Manufacturing overhead $200
Administrative expenses $180
Selling expenses $140
Raw materials inventory, beginning $70
Raw materials inventory, ending $80
Work in process inventory, beginning $30
Work in process inventory, ending $20
Finished goods inventory, beginning $100
Finished goods inventory, ending $70
The above data (in thousands of dollars) have been taken from the accounting records of The Corporation for the just completed year.
Required:
(1) Calculate Direct materials used in production in good form.
(2) Prepare a Schedule of Cost of Goods Manufactured in good form.
(3) Compute the Cost of Goods Sold in good form.
(4) Using data from your answers above as needed, prepare an Income Statement in good form.
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