At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out som of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,000 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $11,700 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $28,700 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Costs Incurred Feb. 28 Direct Materials Used Materials Inventory $ $ 27,000 Direct Labor Incurred Work in Process Inventory Finished Goods Inventory 16,000 Factory Overhead Incurred Cost of Goods Sold Ch 15 Homework Calculator Charles found some sample income statements and balance sheets on the Internet, and asked which of them might be most app Review income statements A and B, and balance sheets C and D. Determine which income statement and balance sheet would be business like Able Baker Charlie Company. Income Statement A Sample Company A Income Statement For the Year Ended December 31, 20Y8 $42,000 $5,250 6.400 $11,650 (400) Sales Finished goods inventory, January 1, 2048 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2048 Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses (11,250) $30,750 $6,400 5,250 (11,650) Net Income $19,100 Income Statement B Check My Work Income Statement B Sample Company B Income Statement For the Year Ended December 31, 20Y8 Sales $42,000 $5,250 6,400 $11,650 (400) Beginning inventory Net purchases Inventory available for sale Ending inventory Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses (11,250) $30,750 $6,400 5,250 (11,650) Net income $19,100 Balance Sheet C Sample Company C Balance Sheet December 31, 2048 UCUNDI Balance Sheet C Sample Company C Balance Sheet December 31, 2018 Assets Cash $20,800 10,000 Accounts receivable (net) Inventory Supplies 6,000 2,100 17,000 $55,900 Land Total assets Liabilities $17,800 $19,000 Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 19,100 38,100 $55,900 Balance Sheet D Sample Company D Dalane Chant Sample Company D Balance Sheet December 31, 2048 Assets Cash $20,800 Accounts receivable (net) Inventory: 10,000 Direct materials $2,500 1,500 2,000 Work in process Finished goods Total inventory Supplies 6,000 > Land 2,100 17,000 Total assets $55,900 Liabilities Accounts payable $17,800 Stockholders' Equity Common stock $19,000 19,100 Retained earnings Total stockholders' equity 38,100 Tatal lishlitice and terlihaldarelor 455 on Check My Work
