The following information is for Shasta, Inc., for the year ended December 31, 2016. Of the total
Question:
Of the total raw materials placed in production for the year, $18,000 was for indirect material.
Required:
a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016.
b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016.
c. Prepare a schedule of cost of goods sold for the year ended December 31, 2016.
d. Prepare an income statement for the year ending December 31, 2016.
Transcribed Image Text:
Raw materials inventory beginning balance Raw materials inventory ending balance Work-in-process inventory beginning balance Work-in-process inventory ending balance Finished goods inventory beginning balance Finished goods inventory ending balance Raw material purchases Direct labor used in production Manufacturing overhead $ 15,000 $ 12,000 $ 825,000 $ 900,000 $ 615,000 $ 525,000 $ 150,000 $ 187,500 $ 945,000 $ 135,000 Selling costs $ 360,000 General and administrative Sales revenue $1,897,500
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a Shasta Inc Schedule of Raw Materials Placed in Production Year Ended December 31 2016 Raw Materials Inventory beginning balance 15000 Add current pe...View the full answer
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