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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
337,500
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
Work in process inventory, December
366,750
72,000
Work in process inventory, December 31
204,750
(e)
(c)
529,500
Finished goods inventory, December I
265,500
93,000
Finished goods inventory, December 31
234,000
(d)
1,338,750
672,000
Cost of goods sold
534,000
Gross profit
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.
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