Statement of Cost of Goods Manufactured and Income Statement Information from th
ID: 2529610 • Letter: S
Question
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $317,000 Selling and administrative expenses 127,500 Purchases of raw materials 47,000 Direct labor 30,000 Manufacturing overhead 57,500 Inventories August 1 August 31 Raw materials $ 10,000 $ 5,000 Work-in-process 16,000 11,000 Finished goods 15,000 21,000
Required Prepare a statement of cost of goods manufactured and an income statement for August 2017. Do not use negative signs with any of your answers below. Bridgeview Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ending August 31, 2017 Current manufacturing costs: Cost of materials placed in production: Raw materials, 8/1/17 $Answer Purchases Answer Total available Answer Raw materials, 8/31/17 Answer $Answer Direct labor Answer Manufacturing overhead Answer $Answer Work-in-process, 8/1/17 Answer Total costs in process Answer Work-in-process, 8/31/17 Answer Cost of goods manufactured $Answer Bridgeview Manufacturing Company Income Statement For the Month Ending August 31, 2017 Sales $Answer Cost of goods sold Finished goods inventory, 8/1/17 $Answer Cost of goods manufactured Answer Total goods available for sale Answer Finished goods inventory, 8/31/17 Answer Answer Gross profit Answer Selling and administrative expenses Answer Net income $Answer
Explanation / Answer
Ans:
Statement of Cost of Goods Manufactured of Bridgeview Manufacturing Comapny for August 2017:
Raw Material Purchased
Add: Opening Raw Material
Less: Closing Raw Material
Raw Material Consumed
Add: Direct Labour
Add: Manufacturing Overhead
Total
Add: Opening WIP
Less: Closing WIP
47000
10000
5000
52000
30000
57000
139000
16000
11000
Income Statement Of Bridgeview Manufacturing Comapny For August 2017:
Sales
Less:
Cost of Goods Sold (* see note)
Gross Profit
Selling and Adminstrative Expenses
317000
160000
157000
127500
*Note
1) Cost of goods sold = Cost of goods manufactured + opening finished goods- closing finished goods
= 166000+15000-21000= 160000 $
Particulars Amount in $Raw Material Purchased
Add: Opening Raw Material
Less: Closing Raw Material
Raw Material Consumed
Add: Direct Labour
Add: Manufacturing Overhead
Total
Add: Opening WIP
Less: Closing WIP
47000
10000
5000
52000
30000
57000
139000
16000
11000
Cost Of Goods Manufactured 166000Related Questions
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