One of Toyota the year ended December 31, 2015 (in thousands). ompany\'s subsidi

Question

One of Toyota the year ended December 31, 2015 (in thousands). ompany's subsidiaries reports the following account balances for subsidiaries Direct materials Jan. 1, 2015 Dec. 31, 2015 20,800 22,250 Direct materials 5,700 4,650 Work in process Jan. 1, 2015 Dec. 31, 2015 Work in process 102,500 Finished goods Finished goods Jan. 1,2015 Dee. 31, 2015 105,250 Direct materials purchased Direct manufacturing labor 452,500 335,750 4,071 Plant leasing costs Property taxes on plant and equipment Plant wide- utilities 960 13,500 500 Fire insurance on plant and equipment Depreciation- plant equipment mortization-plant leasehold improvements Miscellaneous plant overhead 5,400 2,200 52,603 22,126 Indirect labor 1,400,000 200,500 140,300 Revenue Marketing, distribution and customer service costs eneral and administration costs Prepare (next page): A Schedule of Cost of Goods Manufactured, in good form, for the year ended December 31, 2015. a. b. An Income Statement, in good form, for the year ended December 31, 2015.

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Answer a Cost of Goods Manufactured Particulars Amount Particulars Amount Opening Stock Revenue 1400000 Direct Materials 20800 Closing stock Work in Progress 5700 Direct Materials 22250 Finished Goods 102500 Work in Progress 4650 Finished Goods 105250 Direct Materials 452500 Direct Labor 335750 Plant overheads Leasing Cost 4071 Property Taxes 960 utilities 13500 Insurance 500 Depreciation 5400 Amortisation 2200 Cost of Manufacturing 588269 (balancing Figure) Total 1532150 Total 1532150 Answer b Income Statement Particulars Amount Cost of Manufactiring 588269 Less: Indirect Labor 52603 Less: Miscellaneous overhead 22126 Less: Marketing Costs 200500 Less: Administration Cost 140300 Profit 172740

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