An Introduction to Cost Terms and Purposes Cost of goods manufactured, income statement, manufacturing company Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs Beginning of 2017 End of 2017 124,000 73,000 173,000 145,000 240,000 206,000 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Requirements 1 Prepare a schedule for the cost of goods manufactured for 2017. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. c. Follow the format in the exhibit that shows the schedule of cost of goods manufactured of a manufacturing-sector company. d. Enter any dates using the following format: MM/DD/YY. For example, 1/1/17. 2 Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. a. Check your spelling carefully and do not abbreviate. b. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. C. Follow the format in the exhibit that shows the income statement of a manufacturing-sector company. d. Enter any dates using the following format: MM/DD/YY. For example, 1/1/17. 1. Prepare a schedule for the cost of goods manufactured in 2017. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the nstructions tab you will be marked wrong.) Carolina Corporation Schedule of Cost of Goods Manufactured Year Ended December 31, 2017 (in thousands) Direct materials costs: Direct materials used Manufacturing overhead costs: Total manufacturing overhead costs Manufacturing costs incurred during 2017 Total manufacturing costs to account for Cost of goods manufactured (to Income Statement) 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017, (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Carolina Corporation Income Statement Year Ended December 31, 2017 (in thousands) Cost of goods sold: Cost of goods sold Operating Costs: Total operating costs Operating income (loss)
