Cost of Goods Manufactured and Sold Statement
Not what you're looking for?
San Ysidro Company manufactures hiking equipment. The company's administrative and manufacturing operations share the company's one building. Eighty percent (80%) of the building is used for manufacturing and the remainder is used for administrative activities. Indirect labor is 8% of direct labor.
The cost accountant at San Ysidro has complied the following information for the year ended December 31:
1 Administrative salaries $192,000.00
2 Attorney fees to settle zoning dispute 22,960.00
3 Building depreciation (manufacturing portion only) 181,440.00
4 Cost of goods manufactured 2,776,760.00
5 Direct materials inventory, December 31 248,000.00
6 Direct materials purchased during the year 1,008,000.00
7 Direct materials used 1,069,880.00
8 Distribution costs 4,480.00
9 Finished goods inventory, January 1 224,000.00
10 Finished goods inventory, December 31 252,000.00
11 Insurance (on plant machinery) 53,200.00
12 Maintenance (on plant machinery) 33,880.00
13 Marketing costs 103,600.00
14 Other plants costs 82,160.00
15 Plant utilities 104,160.00
16 Sales revenue 4,550,000.00
17 Taxes on manufacturing property 38,800.00
18 Total (direct and indirect) labor 1,209,600.00
19 Work-in-process inventory, January 1 72,520.00
20 Work-in-process inventory, December 31 68,880.00
Required:
Prepare a cost of goods manufactured and sold statement and an income statement.
Purchase this Solution
Solution Summary
The solution prepares a cost of goods manufactured and sold statement and an income statement.
Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.