Prepare an Adjusted trial balance and Income summary

Assignment Help Cost Accounting

Reference no: EM132838887

Problem - Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Shaler Corporation.

Shaler Corporation	Beginning of 2014	End of 2014
Direct materials inventory	130,000	68,000
Work-in-process inventory	166,000	144,000
Finished goods inventory	246,000	204,000
Purchases of direct materials		256,000
Direct manufacturing labor		212,000
Indirect manufacturing labor		96,000
Indirect materials		28,000
Plant insurance		4,000
Depreciation-plant, building, and equipment		42,000
Plant utilities		24,000
Repairs and maintenance-plant		16,000
Equipment leasing costs		64,000
Marketing, distribution, and customer-service costs		124,000
General and administrative costs		68,000

The company uses a periodic inventory system.

Required -

1- Prepare an Adjusted trial balance (periodic), Income summary (periodic), Closing entries ( Income summary ) periodic, Manufacturing summary (periodic).

2- After closing Adjust trial balance (periodic).

Reference no: EM132838887

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