Accounting 2120 Chapter 15 - Managerial Accounting Assignment 2 Cost Amount Cost Amount Factory Utilities 3,000 Depreciation - Factory Equipment 4.000 Factory Maintenance 1.100 indirect Labor 15.550 Production 48.990 Direct Labor Wages Supervisor's Salary 50.000 Sales Commissions 120,000 Purchases President's Salary 2.000 Equipment office Utilities 1,500|Factory Insurance 3.00 Accounts Receivable 12.500 Cash 62.300 office Salaries 15,650 Factory Rent 17.775 1. Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement. 14.000 Direet Material 98.000 Depreciation Office Madison Company has the following information available: Other information includes: Inventory Beginning Ending Raw Materials 36,80062,750 Work In Process 52,50086.270 Finished Goods 70,250 89.680 Instructions: 2. Prepare a Cost of Goods Manufactured Schedule b. Prepare an Income Statement (Net Sales = $420,000) . Prepare a current assets section of the balance sheet Cost of Goods Manufactured Schedule Work In Process Inventory, Beginning Balance XXXX Add: Direct Materials Used: Raw Materials Inventory XXXX (Beginning Balance) Add: Purchases XXXX Total Cost of Material XXXX Available Less: Raw Materials Inventory XXX (Ending Balance) Direct Material Used: XXXX Direct Labor: XXXX Manufacturing Overhead: XXX XXX XXX XXX XXX XXX XXX XXX Total Manufacturing Overhead XXXX Total Current Manufacturing Costs: XXXX Total Cost of Work In Process Inventory (total manufacturing XXXX costs) Less: Work in Process Inventory XXX (Ending Balance) Cost of Goods Manufactured XXXX Cost of Goods Sold: Finished Goods Inventory (Beginning Balance) XXXX Add: Cost of Goods Manufactured XXXX Total Cost of Goods Available to Sell XXXX Less: Finished Goods Inventory (Ending Balance) XXX Cost of Goods Sold XXXX Income Statement: Sales Revenue (Net) XXXXX Less: Cost of Goods Sold: Finished Goods Inventory (Beginning Balance) XXXX Add: Cost of Goods Manufactured XXXX Total Cost of Goods Available to Sell XXXX Less: Finished Goods Inventory (Ending Balance) XXX Cost of Goods Sold XXXX Gross Profit XXXXX Less: Operating Expenses XXXX Operating Income (Loss) XXXXX Balance Sheet - Current Assets Section Current Assets: Cash XXXX Accounts Receivable XXXX Inventories: Finished Goods Inventory XXXX Work in Process Inventory XXXX Materials Inventory XXXX Total Inventory XXXX Total Current Assets: XXXX