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http:// /takeAssig t/takeAssig ts&take; Assig Cengage In My Home CengageNOWIOnline teac... x File Edit View Favorites Tools Help SAB pag EM clearance Ranges & oven... Ya http gebl Bb pag Statistics M heritage coinmica@gma... C Financial & Managerial A... Sig In McGraw-Hill's Co... Acura TL Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Deutsch Corporation for 2014: Inventories January 1 December 31 $513,790 Materials $411,030 Work in process 739,850 698,750 714,170 Finished goods 711,080 Advertising expense $348,860 Depreciation expense-office equipment 49,320 Depreciation expense-factory equipment 66,280 Direct labor 791,240 Heat light, and power-factory 26,200 Indirect labor 92,480 Materials purchased 775,820 Office salaries expense 270,770 Property taxes-factory 21,580 Property taxes-office building 44,700 Rent expense-factory 36,480 Sales 3,632,500 Sales salaries expense 445,970 Supplies-factory 17,980 Miscellaneous costs-factory 11,300 11:44 PM 2/3/2015

Explanation / Answer

Cost of Goods Manufactured Direct Materials used: Begining raw material Inventory 4,11,030 Add: Cost of MaterialPurchased 7,75,820 Total Raw material available 11,86,850 Less: Ending Raw material Inventory 5,13,790 Total raw material used 6,73,060 Direct labour 7,91,240 Manufacturing Overheads: Indirect labour 92,480 Depreciation-factory equip 66,280 Prop.tax-factory 21,580 Rent exp-factory 36,480 Supplies-factory 17,980 Misc cost-factory 11,300 Heat,light & Power 26,200 2,72,300 Total Manufacturing cost 17,36,600 Opening W.I.P 7,39,850 24,76,450 Less: Closing W.I.P 6,98,750 Cost of Goods Manufactured 17,77,700 Income Statement Sales 36,32,500 Cost of Goods sold: Opening balance of Finished goods inventory 7,11,080 Add: Cost of goods manufactured 17,77,700 Total goods available for sale 24,88,780 Less:Closing Finished goods Inventory 7,14,170 Cost of Goods sold 17,74,610 Gross Profit 18,57,890 OperatingExpenses: Administrative Expenses: Office Salary 2,70,770 Depreciation-office 49,320 Property tax-office 44,700 Selling expenses Sales Salary 4,45,970 Advertisement 3,48,860 11,59,620 Net Income 6,98,270

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