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Cost Accounting

COST CHEAT

Cost Accounting

Prepare the income statement for South Marine Company, for the most recent year, using the amounts and the schedule of cost of goods manufactured below. Assume that the company sold $37,000$ units of its product at a price of $$16$ each during the year.

$\backslash$table$[[,\backslash$table$[[$Beginning$],[$of Year$]],\backslash$table$[[$End$],[$of Year$]],,\backslash$table$[[$End$],[$of Year$]]],[$Raw materials inventory $.......$ $$,30,000,$$$,36,000,$Insurance on plant. $......,13,000],[$Work in process inventory $.......,50,000,41,000,$Depreciation$-$plant building,$],[$Finished goods inventory $.......,20,000,27,000,$and equipment,$18,000],[$Purchases of direct materials,,$83,000,$Repairs and maintenance$-$plant.,$5,000],[$Direct labour $.,,82,000,$Marketing expenses $...,82,000],[$Indirect labour $.................,,19,000,$General and administrative expenses,$29,000]]$

$\backslash$table$[[\backslash$table$[[$South Marine's Die$-$Cuts$],[$Schedule of Cost of Goods Manufactured$]]],[$Beginning work in process inventory,,,$$,50,000],[$Add: Direct materials used$],[$Beginning raw materials inventory,$$30,000,,,],[$Purchases of direct materials,$83,000,,,],[$Available for use,$113,000,,,],[$Ending raw materials inventory,$(36,000),,,],[$Direct materials used,,$$77,000,,],[$Direct labour,,$82,000,,],[$Manufacturing overhead:$],[$Indirect labour,$$,19,000,,,],[$Insurance on plant,$13,000,,,],[$Depreciation$-$plant building and equipment,$18,000,,,],[$Repairs and maintenance$-$plant,$5,000,55,000,,]]$

South Marine Company