Prepare a schedule of cost of goods manufactured

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Reference no: EM132109558

Question: This is an individual work. Please submit your answers on Canvas by 11pm, September 15th.

Edmonco, Inc. manufactures briefcases. The following information is available for the company (in millions):

For Specific Date

 

For Year 2014

 

Work-in-process inventory, Jan. 1, 2014

$20

Plant utilities

$6

Direct materials inventory, Dec. 31, 2014

9

Indirect manufacturing labor

25

Finished goods inventory, Dec. 31, 2014

10

Depreciation-plant and equipment

8

Accounts payable, Dec. 31, 2014

28

Revenues

360

Accounts receivable, Jan. 1, 2014

57

Miscellaneous manufacturing overhead

17

Work-in-process inventory, Dec. 31, 2014

5

Marketing, distribution, and customer-service costs

70

Finished goods inventory, Jan. 1, 2014

43

Direct materials purchased

82

Accounts receivable, Dec. 31, 2014

30

Direct manufacturing labor

41

Accounts payable, Jan. 1, 2014

40

Plant supplies used

5

Direct materials inventory, Jan. 1, 2014

39

Property taxes on plant

3

Required: 1. Prepare a schedule of cost of goods manufactured

2. Prepare an income statement

3. Calculate total prime costs

4. Calculate total conversion costs

5. Calculate total inventoriable costs

Reference no: EM132109558

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