If you can, please use the labels to fill in the answers. Any explanations you c

Question

If you can, please use the labels to fill in the answers. Any explanations you can give would be appreciated.

Exercise 14-14 The following information is available for Alkman Company December 31, 2017 January 1, 2017 $21,100 13,600 27,100 2017 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $31,000 17,300 21,100 $151,000 221,000 181,000 901,000 Compute cost of goods manufactured Alkman Company Cost of Goods Manufactured Schedule Materials Purchased Direct Materials Materials Purchased Materials Available for Use LINK TO TEXT

Explanation / Answer

Computation of Cost of goods manufactured ALKMAN COMPANY Cost of goods manufactred schedule Amount in $ Amount in $ Amount in $ materials Used Direct materials Opening raw Materials 01/01/2017 21100 materials Purchased 151000 materials Available for use 172100 Less: Closing raw materials 31/12/2017 -31000 Direct materials used 141100 Add: Opening Work in progress 01/01/2017 13600 Direct labour 221000 manufacturing over head 181000 556700 Less: Closing work in process 31/12/2017 -17300 Cost of goods manufactured 539400 prepare income Statement through gross profit Amount in $ Amount in $ Sale revenue 901000 cost of goods Sold Opening Finished Goods 01/01/2017 27100 Cost of Goods manufactured 539400 Cost goods Available for Use 566500 less: Finished Goods inventory ,12/31 -21100 Cost of Goods Sold -545400 Gross profit 355600 Showing presentation of Ending inventories on the December 31,2017 , balance sheet ALKMAN COMPANY (Partial ) balance sheet on 31-12-20117 Amount in $ Amount in $ Current Assets Inventories raw materials 31000 Work in progress 17300 finished Goods 21100 69400

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