a.

Assets

=

Liabilities

+

Stockholders' Equity

Cash

+

MOH

+

Raw Materials

+

Work in Process

+

Finished Goods Inv.

=

Accounts Payable

+

Common Stock

+

Retained Earnings

Income Statement

Net Income

Revenues

Expenses

=

1

2

3

4

5

6a.

6b.

7

8

9

10

Total

b.

Statement of Cost of Goods Manufactured and Sold

Beg. Raw Materials Inventory

Plus: Purchases

Raw Materials Available for Use

Less: End. Raw Materials Inventory

Direct Raw Materials Used

Direct Labor

Overhead (Actual)

Total Manufacturing Costs

Plus: Beg. Work in Process Invent.

Total Work in Process Inventory

Less: End. Work in Process Invent.

Cost of Goods Manufactured

Plus: Beg. Finished Goods Inventory

Cost of Goods Available for Sale

Less: End. Finished Goods Inventory

Cost of Goods Sold

c.
	Income Statement
	Magnificent Modems
	Sales Revenue
	SG&A Expenses
	Net Income/(Loss)
	Balance Sheet
	Magnificent Modems
	Assets
	Total Assets
	Liabilities
	Stockholder's Equity
	Total Liab & Equity

APREHENSIVE PROBLEM COMPREH Product Costing in Service and Manufacturing Entities Magnificent Mode A wireless modem Modems, Inc., acquired in subsidiary wamed Anywhere, Inc. (). Al manufactures dem that enables users to access the Internet through cell phones, The following n from die vecounts of the subsidiary, trial bulance w $200,000 Cash Raw materials inventory work in process irwertory Finished goods inventory Common stock Retained earnings 4,000 6,000 7,000 Totals $129,000 $217,000 _88,000 $217,000 sidiary completed the following transactions during 2014. The subsidiary comple sis L. Paid S60.000 cash for direct raw materials ansferred $50,000 of direct raw materials to work in process. 3. Paid production employees S80,000 cash. Anplied $53,000 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $163,000. sold products that cost S143,000 for $182,000 cash. Record the recognition of revenue in a row labeled ba and the cost of goods sold in a row labeled 6b. 1. Paid $20,000 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $55,000. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied over- hcad was insignificant (immaterial). 10. Made a $5,000 cash distribution to the owners Required a. For Anywhere, Inc., record the events in the financial statements model like the one shown below. s.o. En t, whd Equity Assets Cash + MOH + Raw M. + WIP + F. Goods = C. Stk. + Ret. Ear. 200,000 + 0 + 4,000 + 6,000 + 7,000 = 129,000 + 69,000 Rev. - Exp. = Net Inc. NA - NA = NA 23282 Prepare a schedule of cost of goods manufactured and sold. Prepare an income statement and a balance sheet. bater pemeran Rio. JrP 4