Question
1. Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31, 2024. 2. Prepare an income statement for
1. | Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year endedDecember 31, 2024. |
2. | Prepare an income statement for Gourmet Bones for the year endedDecember 31, 2024. |
3. | How does the format of the income statement for Gourmet Bones differ from the income statement of a merchandiser? |
4. | Gourmet Bones manufactured17,900 units of its product in2024. Compute the company's unit product cost for the year, rounded to the nearest cent. |
(For accounts with a $0 balance, make sure to enter "0" in the appropriate column.)
Gourmet Bones | ||||
Schedule of Cost of Goods Manufactured | ||||
Year Ended December 31, 2024 | ||||
|
|
|
| |
Direct Materials Used: |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Materials Used |
|
|
| |
|
|
|
| |
Manufacturing Overhead: |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Manufacturing Overhead |
|
|
| |
Total Manufacturing Costs Incurred during the Year |
|
|
| |
Total Manufacturing Costs to Account For |
|
|
| |
|
|
|
| |
Cost of Goods Manufactured |
|
|
|
Choose from any list or enter any number in the input fields and then click Check Answer.
| Clear All | Check Answer
|
Data Table
Balances: | Beginning | Ending |
---|---|---|
Direct Materials | $13,500 | $7,500 |
Work-in-Process Inventory | 0 | 3,500 |
Finished Goods Inventory | 0 | 5,200 |
PrintDone
Data Table
Other information: |
|
Direct materials purchases | $36,000 |
---|---|
Plant janitorial services | 700 |
Sales salaries | 6,000 |
Delivery costs | 1,300 |
Net sales revenue | 107,000 |
Utilities for plant | 1,300 |
Rent on plant | 17,000 |
Customer service hotline costs | 1,200 |
Direct labor | 23,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started