C of Manage Statemem Grader - Instructions Accounting 2019 Project ving amot ect Mater DSSOLD" BT6e E2-29A v2 Project Description: BT6e E2.29A erials in rocess in goods in of dired Steps to Perform: Step bor Instructions Points Possible at the d 1 21 Prepare the income statement for West Nautical Company in for the most recent year. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) areas rences a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. c. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. Total Points statem pelling ormat! unts Soluti op. H G C D E F Bullding Blocks of Managerial Accounting Prepare Income Statement Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD" tab. 5 7 3 3 LO Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning of Year End of Year $ 23,000 $ 25,000 $ 35,000 $ 31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant bullding and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500 ( 12 13 Assume that the company has the following sales during the year: Price per unit 15 16 Units sold 34,000 $ 12 18 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 Instruction tab you will be 19 marked wrong. 20 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year, 23 Check your spelling carefully and do not abbreviate. 24 b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. a C 25 Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted, 26 27 Saving & Submitting Solution 2B 1 Save file to desktop, A1 **DATA SHEET -- DO NOT ENTER ANSWERS HERE** B C E 1 **DATA SHEET -- DO NOT ENTER ANSWERS HIRE 2 3 Calculation of Direct Materials Used 1 Beginning Raw Materials Inventory $ 5 Plus: Purchases of direct materials 5 Materials available for use $ 7 Less: Ending Raw Materials Inventory 5 Direct materials used $ 23,000 74,000 97,000 25,000 72,000 $ 35,000 Schedule of Cost of Goods Manufactured 11 Beginning Work in Process Inventory _2 Plus Manufacturing costs incurred: 13 Direct materials used Direct labor 15 Manufacturing overhead 16 Total manufacturing costs to account for $ 27 Less: Ending Work in Process Inventory 16 Cost of goods manufactured 19 72,000 86,000 70,600 263,600 31,000 232,600 Calculation of Cost of Goods Sold 21 Beginning Finished Goods Inventory $ 22 Plus: Cost of goods manufactured 23 Cost of goods available for sale $ 24 Less: Ending Finished Goods Inventory 25 Cost of goods sold $ 26 20,000 232,600 252,600 22,000 230,600 32 33 34 INSTRUCTIONS COSTOFGOODSSOLD ENTERANSWER Ready (Always use cell references and formulas where appropriate to recelve full credit. If you copy/paste from the Instruction tab you will be marked wrong.) 2 3 3 West Nautical Company Income Statement For Current Year 5 13 Operating Income 15 15 17 LB 22 23 28 32 84 INSTRUCTIONS COSTOFGOODSSOLD ENTER