The Statement of Cost of Goods Manufactured columns and the P.O. 1 Income Statement columns of the work sheet for the R. W. Manufacturing Com¬

pany for the year ended December 31 are as follows. R. W’s beginning inventory Prepare a statement of cost of of raw materials is $8,000; its beginning inventory of work-in-process is goods manufactured.

$38,400. Prepare a statement of cost of goods manufactured.

Transcribed Image Text:

1 Sales ACCOUNT NAME STATEMENT OF COST OF GOODS MANUFACTURED DEBIT CREDIT INCOME STATEMENT 2 Raw Materials Purchases 3 Direct Labor 4 Indirect Labor 5 Heat, Light, and Power 6 Miscellaneous Factory Costs 7 Selling Expenses (control) 8 General Expenses (control) 9 Income Tax Expense 10 Manufacturing Summary 11 12 Income Summary 64 000 00 16000000 320000 160000 80000 800000 3840000 1200000 40 000 00 13 27600000 14 Cost of Goods Manufactured 15 27600000 5200000 22400000 276 000 00 16 Net Income 17 18 19 DEBIT CREDIT 360 000 00 1 2 3 4 5 6 3400000 7 1400000 22 48000 8 9 10 11 3200000 3600000 12 224 000 00 326 48000 69 5 2000 396 000 00 13 14 3960 00 00 15 16 396 000 0017 18 19