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:
â?¢ Raw materials were purchased, $300,000.
â?¢ Raw materials were requisitioned for use in production, $297,000 $(281,000 direct and $16,000 indirect).
â?¢ The following employee costs were incurred: direct labor, $399,000; indirect labor, $62,000; and administrative salaries, $176,000.
â?¢ Selling costs, $165,000.
â?¢ Factory utility costs, $19,000.
â?¢ 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.
â?¢ Sales for the year totaled $1,293,000.
a. Prepare a schedule of cost of goods manufactured in good form.
b. Prepare an income statement for the year in good form.© BrainMass Inc. brainmass.com June 4, 2020, 2:22 am ad1c9bdddf
I have computed the needed amounts in Excel (attached). Please click in cells to ...
I have computed the needed amounts in Excel (attached). Please click in cells to see computation. I have then created a good form schedule for cost of goods manufactured and the Income Statement (with a reference citing the format). I have also copied the statements into word so they "look" like an annual report and not a spreadsheet.