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Coruscant Company is a brand new company that started operations on March 1, 2019. Coruscant manufactures cold weather clothing. At the end of March ,
Coruscant Company is a brand new company that started operations on March 1, 2019. Coruscant manufactures cold weather clothing. At the end of March , 2019, the accountant for Coruscant compiled the following information.
Item | Amount |
Administrative Expense | $21,000 |
Direct Labor | $12,000 |
Ending Finished Goods | $9,000 |
Ending Raw Materials | $21,000 |
Ending Work-in-Process | $6,000 |
Manufacturing Overhead | $10,000 |
Raw Materials Purchases | $55,000 |
Sales Revenue | $124,000 |
Selling Expense | $23,000 |
Do not enter dollar signs or commas in the input boxes. Do not use the negative sign. a) Prepare a schedule of cost of goods manufactured for March.
Coruscant Manufacturing | ||
Schedule of Cost of Goods Manufactured | ||
For the Month Ended March 31, 2019 | ||
Work-in-Process, March 1 | Answer | |
Direct Materials | ||
Beginning raw materials | Answer | |
Raw material purchases | Answer | |
Raw materials available for use | Answer | |
Ending raw materials inventory | Answer | |
Direct Materials Requisitioned | Answer | |
Direct Labor | Answer | |
Total Factory Overhead | Answer | |
Ending Work-in-Process | Answer | |
Cost of Goods Manufactured | Answer |
b) Prepare an income statement for March.
Coruscant Manufacturing | ||
Income Statement | ||
For the Month Ended March 31, 2019 | ||
Sales Revenue | Answer | |
Cost of Goods Sold | ||
Beginning Finished Goods | Answer | |
Cost of Goods Manufactured | Answer | |
Ending Finished Goods | Answer | Answer |
Gross Profit | Answer | |
Operating Expenses | ||
Administrative Expense | Answer | |
Selling Expense | Answer | |
Net Income | Answer |
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