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166 Chapter 5 Test Material 5 - 1 The Genesis Corporation has the following account balances ( in millions ) ; For Year 20*'1 For Specific Date Direct materials , January 1 , 20 * 1 PIS Purchases of direct materials P325 Work in process , January 1 , 20 * 1 10 Direct manufacturing labor* 100 Finished goods , January 1 , 20 x 1\\ 70 Depreciation - plant building Direct materials , December 31 , 20 * 1 20 \\and equipment 80 Work in process , December 31 , 20 * 1 Plant supervisory salaries Finished goods , December 31 , 20 * 1 55 Miscellaneous plant overhead 35 Revenues 950 Marketing , distribution and customer-service costs Plant supplies used 10 Plant utilities 30 Indirect manufacturing labor 60 Required :` 1. Prepare an income statement and a supporting schedule of costs of goods manufactured for the year ended December 31 , 20 *\\ 1 . 2 . \\How would the answer to the preceding problem be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured ? Be specific . 3 . Would the sales manager's salary ( included in marketing , distribution and customer-service costs ) be accounted for differently if the Genesis Corporation were a merchandising company instead of a manufacturing company ? Describe how wages of an assembler in the plant would be accounted for in this manufacturing company . 4 . Plant supervisory salaries are usually regarded as indirect manufacturing* costs . Under what conditions might some of these costs be regarded as direct manufacturing costs ? Give an example . Suppose that both the direct materials used and the plant depreciation were related to the manufacture of 1 million units of product . What is the unit cost for the direct materials assigned to those units ? What is the unit cost for plant building and equipment depreciation ? Assume that year!y* plant depreciation is computed on a straight - line basis .6 . differed in requirements 5 and 6 . million units of product . How would the total costs be affected ? Use answer sheets on Pages 369 and 370. 7 . As cost accountant , explain con isely to the president why the unit costs Assume that the implied cost behavior patterns in requirement 5 persist . assuming that the costs are being predicted for the manufacture of 1 . 2 That is direct materials costs behave as a variable cost and depreciation behaves as a fixed cost . Repeat the computations in requirement 5 . Accounting for Cost Flows, 167