Statement of Cost of Goods Manufactured, Income Statement, and Balance Sheet
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Rossi /Company has the following projected account balances for June 30, 20x9.
Accounts payable: $60,000
Accounts receivable:$120,000
Depreciation, factory: $24,000
Inventories (5/31 & 5/30): $180,000
Direct materials used: $210,000
Office Salaries: $92,000
Insurance, factory: $4,000
Plant Wages: $140,000
Bonds Payable: $160,000
Sales: $800,000
Capital stock: $420,000
Retained earnings: ?
Cash: $56,000
Equipment, net: $400,000
Buildings, net: $400,000
Utilities, factory: $10,000
Selling expenses: $50,000
Maintenance, factory: $28,000
Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.
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Solution Summary
Show the income statement and balance sheet for a manufacturing firm and calculate the cost of goods manufactured and the retained earnings figurres.
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Dear Student,
The Cost of goods manufactured is usually calculated separately in a statement referred to as the Statement of Cost of Goods Manufactured. It is then added to the Income Statement as follows:
ROSSI COMPANY
COST OF GOODS MANUFACTURED
JUNE 30, 20X9
Direct Material Used $ 210,000
Plant Wages 140,000
Manufacturing ...
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