Problem P2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income The foll
ID: 2376952 • Letter: P
Question
Problem P2-1 Cost of Goods Manufactured, Cost of Goods Sold, and Income
The following information is available for Satterfield's Custom Glass for the fiscal year ending December 31, 2011:
Beginning balance in Work In Process $200,000
Ending balance in Work In Process 300,000
Beginning balance in Finished Goods 500,000
Ending balance in Finished Goods 400,000
Direct material cost 2,000,000
Direct labor cost 2,400,000
Manufacturing overhead 1,700,000
Selling expense 250,000
General and administrative expenses 450,000
Sales 8,000,000
Required:
Part a. Prepare a schedule of costs of goods manufactured.
Satterfield's Custom Glass
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 2011
Title Amount
Add current manufacturing costs:
Title Amount
Title Amount
Title Amount Formula
Total Formula
Title Amount
Title Formula
Part b. Prepare an income statement for fiscal 2011. Ignore income taxes.
Satterfield's Custom Glass
Income Statement
For the Year Ended December 31, 2011
Sales Amount
Less cost of goods sold:
Title Amount
Title Amount
Title Formula
Title Amount Formula
Title Formula
Less nonmanufacturing expenses:
Title Amount
Title Amount Formula
Title Formula
Explanation / Answer
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