DATA SECTION: For the Month Ended November 30, 2017 Balance Balance November 1 N

Question

DATA SECTION:
For the Month Ended November 30, 2017
Balance Balance
November 1 November 30
Raw Material Inventory $ 5,600 $ 4,100
Work in Process Inventory 10,200 12,800
Finished Goods Inventory     8,100     6,700

Purchases of Raw Materials $63,000
Direct Manufacturing Labor 15,000
Indirect Manufacturing Labor 32,000
Plant Insurance     8,000
Depreciation Expense - Plant, Building, and Equip. 22,000
Repairs and Maintenance - Plant     7,200
Marketing, Distribution, and Customer-Service Costs 24,000
General and Administrative Costs 19,200
Revenue 258,300
Income Tax Rate 40.00%

TASK: Prepare a cost of goods manufactured schedule and an income statement.

Explanation / Answer

Cost of goods manufactured :

Income statement :

Beginning work in process 10200 Direct material used Beginning raw material 5600 Purchase of raw material 63000 Raw material available for use 68600 Less: Ending raw material -4100 Direct material used 64500 Direct Manufacturing Labor 15000 Manufacturing overhead Indirect Manufacturing Labor 32000 Plant Insurance 8000 Depreciation Expense - Plant, Building, and Equip 22000 Repairs and Maintenance - Plant 7200 Total manufacturing overhead 69200 Total manufacturing cost 148700 Total Cost of work in process 158900 Less: Ending work in process -12800 Cost of goods manufactured 146100

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.