ring financial nents for a facturer P18-34B Certain irem descriptions and amount

Question

ring financial nents for a facturer P18-34B Certain irem descriptions and amounts are missing from the montbly schedule of cost of goods manufacrured and income statement of Lima Manufacturing Company. Fill in the missing items. MANUFACTURING COMPANY Making ethical decisions April 30.2009 Dieece materials used materials of materials 5,000 75,000 (23,000 materiala Direct Direct Manofacruring overhead 68,000 75,000 "ork i" process inventory 5150,000 450,000 Bepinning Cost of gons Ending Cosr of goods sol 243,000 Markering espenses Administrative expeises 64,000

Explanation / Answer

I have provided steps to follow working calculation. Please refer these steps for the answer Steps # Working Work in progress inventory 15000 Direct matrial used: Beginning material inventory 1 =75000-65000 10000 Purchase of material 65000 Material available for use 75000 Closing material inventory -23000 Direct materials used 2 =75000-23000 52000 Direct Labor 68000 Manufacturing Overhead 4 =160000-52000-68000 40000 Total manufacturing cost of good produced 3 =175000-15000 160000 Total manufacturing cost of goods available for sale 175000 Closing work in process inventory 5 =150000-175000 -25000 Cost of goods transferred to trading account 150000 Total revenue 450000 Cost of good sold Beginning inventory of finished goods 9 =274000-150000 124000 Cost of goods transferred from trading account 6 from manufacturing a/c 150000 Cost of goods avaialable for sales 8 =207000+67000 274000 Ending inventory of finished good -67000 Cost of goods sold 7 =450000-243000 207000 Gross profit 243000 Selling expenses Marketing expenses 11 =167000-64000 103000 Administrative expense 10 =243000-76000 64000 167000 Net profit 76000

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