cost accounting 3140

Handout for Chapter 2 2-37 Will be part of lecture Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in th for the Peterson Company: Beginning of End of Peterson Company 2017 2017 Direct materials inventory 21,000 23,000 Work-in-process inventory 26,000 25,000 Finished-goods inventory 13,000 20,000 Purchases of direct materials 74,000 Direct manufacturing labor 22,000 Indirect manufacturing labor 17,000 Plant insurance 7,000 Depreciation-plant, building, and equipment 11,000 Repairs and maintenance-plant 3,000 Marketing, distribution, and customer-service 91,000 costs General and administrative costs 24,000 Required: 1. Prepare a-schedule for the cost of goods-manufactured for 2017. Show the asset equations for the Direct Materials warehouse, WIP, and FG warehouse. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017