Exercise 10-15 University Company produces collegiate apparel. From its accounti

Question

Exercise 10-15 University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis. (a) Cost of goods manufactured schedule (b) Income statement. (c) Balance sheet. The following items are found in the company's records. For each item, indicate the schedule and/or financial statement(s) in which the item will appear. 1. Direct labor 2. Raw matenal inventory, 1/1 3. Work in process inventory, 12/31 4. Finished goods inventory, 1/1 5. Indirect labor 6. Depreciation on factory machinery 7. Work in process, 1/1 8. Finished goods inventory, 12/31 9. Factory maintenance salanies Balance Shest Cost of Goods Manufactured Schedule and Balance Shest Income Scatement and Balance Shest Cost of Goods Manufactured Schedule and Income Stacement 10. Cost of goods manufactured 11. Depreciation on delivery equipment 12. Cost of goods avail able for sale 13. Direct materials used 14. Heat and electricty for factory 15. Repairs to roof of factory building

Explanation / Answer

1 Direct labour Cost of goods manufactured schedule 2 Raw material inventory , 1/1 Cost of goods manufactured schedule 3 Work in process inventory , 12/31 Cost of goods manufactured schedule and Balance sheet 4 Finished goods inventory , 1/1 Income statement 5 Indirect labour Cost of goods manufactured schedule 6 Depreciation on factory machinery Cost of goods manufactured schedule 7 Work in process , 1/1 Cost of goods manufactured schedule 8 Finished goods inventory , 12/31 Income statement and Balance sheet 9 Factory maintenance salaries Cost of goods manufactured schedule 10 Cost of goods manufactured Cost of goods manufactured schedule and Income Statement 11 Depreciation on delivery euipment Income statement 12 Cost of goods available for sale Income statement 13 Direct materials used Cost of goods manufactured schedule 14 Heat and electricity for factory Cost of goods manufactured schedule 15 Repairs to roof of factory building Cost of goods manufactured schedule

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