D v2.ceng gnmentMain.doinvokerwassignmeSearch Manufacturing Income Statement, St

Question

D v2.ceng gnmentMain.doinvokerwassignmeSearch Manufacturing Income Statement, Statement of Cost of Goods Manufactured tems are omitted from the income stabement and cost of goods manufactured statement data for twa different companies for the month of December Company Company Materials inventory, December Materiais inventory, December 3 Mabeniais purchaned Cost of direct materials uted in production 72,220 96,050 a) 10R 540 72,270 216,110 4,500 107580 )631440 Factory overhead Totail manufacturing conts incurred in December Total manufacturing co Work in process inventory, Decermber 1 Work in process invenbory, December 3 Cest of goods manufectu 38,660 231 48 7,000) () 615,60 Finished goods inventery December 33 064 52960,500 Cest of goods Gross ott 621,44 8

Explanation / Answer

ON COMPANY OFF COMPANY A. 62110 310240 B. 550320 297750 C. 571980 237240 D. 566200 101820 E 498320 339060 F. 359660 125830 STATEMENT SHOWING COST OF GOODS MANUFACTURED-ON COMPANY Work in process inventory Beginning 138660 Direct material Begininig Inventory of RM 72220 Purchases 183440 Total cost of material available 255660 Less: Ending inventory 62110 Material consumed 193550 Labour 272270 Overheads 84500 Total manufacturing cocst incurred 550320 Total manufacturing cost 688980 Less: Ending Inventory of WIP 117000 Cost of goods manufactured 571980 STATEMENT OF INCOME-ON COMPANY Sales revenue 1064520 Cost of goods sold Beginning FG 122050 Cost of goods manufactured 571980 Cost of Goods available ffor sale 694030 Ending Inventory 127830 Cost of goods sold 566200 Gross Margin 498320 Operting expense 138660 Net income 359660

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