Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2-31 Cost of goods manufactured. [Excel template) (LO 2, 4) Consider the following account balances (in thousands) for the Canseco Company: Beginning of 2022 $24,000
2-31 Cost of goods manufactured. [Excel template) (LO 2, 4) Consider the following account balances (in thousands) for the Canseco Company: Beginning of 2022 $24,000 19,000 18,000 Direct materials inventory Work-in-process inventory Finished goods inventory Purchases of direct materials Direct manufacturing labour Indirect manufacturing labour Plant insurance Depreciationplant building and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs End of 2022 $29,000 20,000 21,000 80,000 22,000 17,000 10,000 12,000 6,000 97,000 24,000 Required 1. Prepare a schedule of cost of goods manufactured for 2022. 2. Revenues in 2022 were $325 million. Prepare the 2022 statement of comprehensive income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 Schedule of Cost of Goods Manufactured COGM The formula for COGM is COGM DirectMaterialsUsed DirectLabor ManufacturingOverhead BeginningWIPInventory EndingWIPInventory textCOGM textDirect Materials ...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