Explore BrainMass

Explore BrainMass

    Costs of goods manufactured schedule, income statement

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    P1-4A The following data were taken from the records of Cruz Manufacturing Company for the year ended December 31, 2005.

    Raw Materials Inventory 1/1/05 $ 47,000
    Factory Machinery Depreciation 7,700
    Factory Insurance $ 7,400
    Raw Materials Inventory 12/31/05 44,200
    Factory Utilities 12,900
    Finished Goods Inventory 1/1/05 85,000
    Office Utilities Expense 8,600
    Sales 475,000
    Finished Goods Inventory 12/31/05 77,800
    Work in Process Inventory 1/1/05 9,500
    Sales Discounts 2,500
    Plant Manager's Salary 30,000
    Work in Process Inventory 12/31/05 8,000
    Factory Property Taxes 6,100
    Factory Repairs 800
    Direct Labor 145,100
    Raw Materials Purchases 67,500
    Indirect Labor 18,100
    Cash 28,000
    Accounts Receivable 27,000

    Instructions
    (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
    (b) Prepare an income statement through gross profit.
    (c) Prepare the current assets section of the balance sheet at December 31.
    ---

    © BrainMass Inc. brainmass.com June 3, 2020, 6:23 pm ad1c9bdddf
    https://brainmass.com/business/income-statement/costs-of-goods-manufactured-schedule-income-statement-58396

    Attachments

    Solution Preview

    1-4A The following data were taken from the records of Cruz Manufacturing Company for the year ended December 31, 2005.

    Raw Materials Inventory 1/1/05 $ 47,000
    Factory Machinery Depreciation 7,700
    Factory Insurance $ 7,400
    Raw Materials Inventory ...

    Solution Summary

    This provides the steps to prepare the Costs of goods manufactured schedule and income statement

    $2.19

    ADVERTISEMENT