Homework: 1-2MyAccountingLab: Module One Homework P2-34 (similar to) Exercise Sc

Question

Homework: 1-2MyAccountingLab: Module One Homework P2-34 (similar to) Exercise Score: 0.15 of 1 pt t Score: 30.75%(0.92 of3 pts) 3 of 3 complete The Smith Corporation has the following account balances (in millions) (Click the icon to view the account balances.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2014. Begin by preparing the schedule of cost of goods manufactured (in millions) Start with the direct materials and labor costs, then indirect manufacturing costs, and finally complete the schedule by calculating the cost of goods manufactured Smith Corporation Schedule of Cost of Goods Manufactured Year Ended December 31, 2014 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs fields, then click Check Answer. Choose from any list or enter any number in the input Clear A

Explanation / Answer

Smith Corporation Cost Of Goods Manufactured Schedule for the period ending Dec 31.2014. Details Amt $ Million Direct Materials Inventory Jan 1.2014.                               16 Add Purchase of Direct Materials Jan 2014                            310 Less Direct Materials Inventory Dec 31.2014.                            (25) a Direct Materials Used                              301 b Direct Manufacturing Labor                               90 Manufacturing Overheads Depreciation -plant & Equipment                               75 Plant supervisory salaries                                 5 Misc Plant Overhead                               32 Plant Supplies Used                                 7 Plant utilities                               34 Indirect Manufacturing Labor                               64 c Total Manufacturing Overheads                            217 Total Manufacturing Cost =a+b+c=                            608 Add WIP inventory Jan 1 2014.                                 7 Less : WIP inventory Dec 31. 2014                               (5) Cost Of Goods Manufactured                              610 Smith Corporation Income Statement   for the period ending Dec 31.2014. Details Amt $ Million Sales Revenue                              925 Cost Of Goods Sold Cost Of Goods Manufactured                              610 Add Finished Goods Inventory Jan 1 2014.                               74 Less: finished Goods Inventiry Dec 31. 2014                            (58) Cost Of Goods Sold                            626 Gross Profit                              299 Less : Marketing distribution & service costs                            245 Net Operating Income                               54

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