Prepare schedule of costs of good

Assignment Help Accounting Basics

Reference no: EM1365092

Your schedule and statement must be in proper form - this means they should look like they would in an annual report - and not in a spread sheet or a work sheet. Individual overheads should be listed rather than just a total being given.

Greenville Products Inc. is a manufacturing firm. The company's inventory balances were as follows at the beginning and end of the year:

Beginning Balance Ending Balance
Raw Materials 21,000 24,000
Work in Progress 40,000 22,000
Finished Goods 26,000 41,000

The following transactions were recorded for the year:

Raw materials were purchased, $300,000.

Raw materials were requisitioned for use in production, $297,000 $(281,000 direct and $16,000 indirect).

The following employee costs were incurred: direct labor, $399,000; indirect labor, $62,000; and administrative salaries, $176,000.

Selling costs, $165,000.

Factory utility costs, $19,000.

Depreciation for the year was $143,000 of which $137,000 is related to factory operations and $6,000 is related to selling, general, and administrative activities.

Sales for the year totaled $1,293,000.

Required:

a. Prepare a schedule of cost of goods manufactured in good form.

b. Prepare an income statement for the year in good form.

Reference no: EM1365092

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