Solution-Prepare a cost of goods manufactured schedule

Prepare a cost of goods manufactured schedule

Reference no: EM131779504

Problem - The following data were taken from the records of Stellar Manufacturing Company for the year ended June 30, 2010.

Raw Materials		Factory Insurance	$7,400
Inventory 7/1/09	$47,000	Factory Machinery Depreciation	7,700
Raw Materials		Plant Manager's Salary	30,000
Inventory 6/30/10	44,200	Factory Utilities	12,900
Finished Goods		Selling Expenses	75,000
Inventory 7/1/09	85,000	Sales	475,000
Finished Goods		Sales Discounts	2,500
Inventory 6/30/10	77,800
Work in Process		Factory Property Taxes	6,100
Inventory 7/1/09	9,500	Factory Repairs	800
Work in Process		Raw Materials Purchases	67,500
Inventory 6/30/10	8,000	Cash	28,000
Direct Labor	145,100	Prepaid Expenses	2,000
Indirect Labor	18,100	Administrative Expenses	25,000
Accounts Receivable	27,000	Short-term investments	5,000

Instructions -

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

(b) Prepare an entire income statement through net income. (You may need to expand the working papers for this instruction.)

Reference no: EM131779504

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Prepare a cost of goods manufactured schedule

Reference no: EM131779504

Reference no: EM131779504

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