Assignment # 1 Managerial Accounting

Graded Assignment (10 Points)

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Note: Your answer should be typed as word document. Please, be sure that your file can be opened before sending your answer.

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The following information is taken from the records of Smith Manufacturing Company for 2017.

RM inventory, Jan. 1	$ 200,000		Purchases of RM	$ 318,000
RM inventory, Dec. 31	210,000		Direct labor	180,000
Utilities: plant	50,000		Depreciation: plant	40,000
Indirect materials	30,000		Indirect labor	150,000
Other manufacturing overhead	60,000		Sales revenues	1,250,000
Selling expenses	110,000		Administrative expenses	40,000
WIP inventory, Jan. 1	64,000		WIP inventory, Dec. 31	120,000
FG inventory, Jan. 1	80,000		FG inventory, Dec. 31	150,000

Required: Prepare in good form each of the following:

(1): A schedule of cost of goods manufactured for 2017.

(2): A schedule of cost of goods sold for 2017.

(3): An income statement for 2017 if the income tax rate was 30%.

Solution: