Determine the amounts of the missing items for homes

Assignment Help Financial Accounting

Reference no: EM131808795

PART 1

The following information is available for the first month of operations of home center Company, A manufacturer of mechanical pencils:

Sales	Dh 486,000
Gross Profit	283,500
Cost of goods manufactured	243,000
Indirect labor	105,300
Factory depreciation	16,200
Materials purchased	149,850
Total manufacturing costs for the period	279,450
Materials inventory	20,250

Using the above information, determine the following missing amounts:

a. Cost of goods sold

b. Finished goods inventory

c. Direct materials cost

d. Direct labor cost

e. Work in process inventory

PART 2

Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2016:

	Home Center Company	Homes are US Company
Materials inventory. December I	Dh 78,750	Dh 67,500
Materials inventory, December 31	(a)	31,500
Materials purchased	337,500	(a)
Cost of direct materials used in production	378,000	237,000
Direct labor	461,250	199.500
Factory overhead	175,500	88,500
Total manufacturing costs incurred in December	(b)	525,000
Total manufacturing costs	1,156,500	(b)
Work in process inventory, December	366,750	72,000
Work in process inventory, December 31	204,750	(e)
Cost of goods manufactured	(c)	529,500
Finished goods inventory, December I	265,500	93,000
Finished goods inventory, December 31	234,000	(d)
Sales	1,338,750	672,000
Cost of goods sold	(d)	534,000
Gross profit		(e)
Operating expenses	139.500	(¹)
Net income	(0	57,000

Instructions

I. Determine the amounts of the missing items for Homes are Us Manufacturing Company, identifying them by letter.

2.Prepare a statement of cost of goods manufactured for Homes are US Manufacturing Company.

3.Prepare an income statement for Homes are US Manufacturing Company.

Reference no: EM131808795

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