Answered step by step
Verified Expert Solution
Question
1 Approved Answer
comoleted all of left besides small section on part 2. will uprate! The following data from the just completed year are taken from the accounting
comoleted all of left besides small section on part 2. will uprate!
The following data from the just completed year are taken from the accounting records of Eccles Company $658.000 Sales Direct labor cost Raw material purchases 587000 139.000 $ $ 102.000 Seling expenses Administrative expenses $48.000 Manufacturing overhead applied to work in $204.000 process Actual manufacturing overhead costs $229.000 Inventories Raw materials Work in process Finished goods Beginning End of of Year Year $8.500 $10600 $5,300 $ 20500 $ 79,000 25.000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume al raw materials used in production were direct materials input silamounts es positive values. Omit the "S" slon in VOU response 1. Prepare a schedule of cost of goods manufactured. Assume alf raw materials used in production were direct materials. (Input all amounts as positive values. Omit the "S" sign in your response) Eccles Company Schedule of Cost of Goods Manufactured Direct materials Raw materials inventory, beginning Purchases of raw materials Add a Total raw materials available Deduct Raw materials Inventory ending Raw materials used in production Direct laborio Manufacturing overhead applied to work in process Total manufacturing cost Add Beginning work in process inventory Deduct Ending work in process inventory Cost of goods manufactured $ 2. Prepare a schedule of cost of goods sold (Input all amounts as positive values. Omit the "s" sign in your response.) Ecdes company Schedule of Cost of Goods Sold Finished goods inventory, beginning Add Cost of goods manufactured Cost of goods available for sale Deduct Finished goods inventory, ending Finished goods Inventory. ending Deducto Cost of goods available for sale o I $ Adjusted cost of goods sold 3. Prepare an income statement. (Input all amounts as positive values. Omit the "$" sign in your response.) Eccles Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expense Net operating Income $ Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started