Solution-Cost of goods manufactured schedule and income

Cost of goods manufactured schedule and income statement

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Reference no: EM13521179

The following data were taken from the records of Moxie Manufacturing Company for the year ended December 31, 2012.

Raw Materials		Factory Insurance	$7,400
Inventory 1/1/12	$47,000	Factory Machinery
Raw Materials		Depreciation	7,700
Inventory 12/31/12	44200	Factory Utilities	12,900
Finished Goods		Office Utilities Expense	8,600
Inventory 1/1/12	85000	Sales	465,000
Finished Goods		Sales Discounts	2,500
Inventory 12/31/12	57800	Plant Manager"s Salary	60,000
Work in Process		Factory Property Taxes	6,100
Inventory 1/1/12	9500	Factory Repairs	800
Work in Process		Raw Materials Purchases	62,500
Inventory 12/31/12	8000	Cash	18,000
Direct Labor	145100
Indirect Labor	18100
Accounts Receivable	27000

Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.

Reference no: EM13521179

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Cost of goods manufactured schedule and income statement

Reference no: EM13521179

Reference no: EM13521179

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