January 1, 2017 2017 December 31, 2017 Compute cost of goods manufactured. Aikma

Question

January 1, 2017

2017

December 31, 2017

Compute cost of goods manufactured.

Aikman Company
Cost of Goods Manufactured Schedule

Prepare an income statement through gross profit.

AIKMAN COMPANY
Income Statement (Partial)

Show the presentation of the ending inventories on the December 31, 2017, balance sheet.

AIKMAN COMPANY
(Partial) Balance Sheet

The following information is available for Aikman Company.

January 1, 2017

2017

December 31, 2017

Raw materials inventory $21,240 $32,930 Work in process inventory 16,990 18,070 Finished goods inventory 30,180 24,300 Materials purchased $154,190 Direct labor 224,280 Manufacturing overhead 184,560 Sales revenue 903,230

Explanation / Answer

(a) Compute cost of goods manufactured

(b) Prepare an income statement through gross profit

(c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet.

Work in process, Jan 1 16,990 Direct Materials Materials inventory 21,240 Materials purchased 154,190 Materials available for use 175,430 Less Materials Inventory, Dec 31 -32,930 Direct Materials used 142,500 Direct Labor 224,280 Manufacturing overhead 184,560 Total Manufacturing costs 551,340 Total cost of Work in process 568,330 Less Work in process, Dec 31 -18,070 Cost of Goods Manufactured 550,260

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.