Statement of Cost of Goods Manufactured and Income Statement Information from th

Question

Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $316,000 Selling and administrative expenses 127,500 Purchases of raw materials 46,000 Direct labor 30,000 Manufacturing overhead 56,500 Inventories August 1 August 31 Raw materials $ 9,000 $ 5,000 Work-in-process 15,000 11,000 Finished goods 15,000 20,000 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

Schedule of cost of goods manufactured Particulars Amount Amount Materials: Opening balance           9,000 Add: purchases        46,000 Materials available        55,000 Less: closing inventory           5,000 Total materials used            50,000 Direct labor            30,000 Manufacturing overhead            56,500 Total manufacturing costs        1,36,500 Add: beginning inventory            15,000 Less: closing inventory            11,000 Cost of goods manufactured        1,40,500 Statement of profit and loss Particulars Amount Amount Sales 3,16,000 Cost of goods manufactured 1,40,500 Add: Opening finished goods inventory      15,000 Less: Closing finished goods inventory      20,000 Cost of goods sold 1,35,500 1,35,500 Gross profit 1,80,500 Selling and administrative expenses 1,27,500 Net income      53,000

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