Create an income statement and an ending balance sheet based on the information provided
Brooks Corporation Balance Sheet 3/1/2020 94,000 $ Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets $ 23,400 15,200 24,100 62,700 2,240 220,000 378,940 $ $ Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity 21,200 357,740 378,940 $ List your assumptions on this tab. Raw materials purchased $75,200 $93,200 $77,200 $16,000 Raw materials used in production Direct materials Indirect materials Paid cash for salaries and wages Direct labor Indirect labor Selling and Admin $196,750 $117,750 $23,600 $55,400 $44,800 Paid cash for manufacturing overhead cost Depreciation recorded on PPE Manufacturing equipment Assets supporting selling and admin Selling expenses incurred on account $44,000 $37,400 $6,600 $41,400 Prepaid insurance expired Production Selling and admin Manufacturing overhead applied $560 $336 $224 $118,951 Work in Process Ending Balance $5,100 Cash sales to customers $540,000 Finished Goods Ending Balance $8,200 Cash payments to creditors $47,200 Indirect M Indirect L Manufacturing Overhead in Cash Depreciation Prepaid Insurance Total 16000 15200 44800 37400 336 113736 a. $75,200 $75,200 b. $77,200 $16,000 $93,200 C $23,600 $117,750 $55,400 $196,750 d. $44,800 $44,800 Raw Materials Accounts Payable Work in Process Manufacturing Overhead Raw Materials Manufacturing Overhead Work in Process Salaries Expense Cash Manufacturing Overhead Cash Manufacturing Overhead Depreciation Expense Accumulated Depreciation Manufacturing Overhead Accounts Payable Manufacturing Overhead Insurance Expense Prepaid Insurance Work in Process Manufactured Overhead COGM e. $37,400 $6,600 $44,000 f. $41,400 $41,400 E- $336 $224 $560 h. $118,951 $118,951 i. j. $540,000 Cash Sales Unadjusted COGS $540,000 k. L. $47,200 Accounts Payable Cash Overapplied Overhead $47,200 m. $5,215 Raw Materials $23,400 75,200 FG 24100 WIP $15,200 $77,200 $117,750 $118,951 93,200 5,400 1 Salaries & Wages $55,400 Accounts Payable 21200 47200 41400 Retained Earnings $357,740 15400 MOH $16,000 $23,600 $44,800 $37,400 $336 $122,136 1 $5,215 $118,951 Cash $94,000 $540,000 $75,200 $196,750 $44,800 $47,200 $270,050 COGS Depreciation Expense 6600 Accumulated Depreciation 44000 15,200 Beginning Work in Process Inventory Direct Materials: Beginning Raw Materials Inventory Add: Purchase of Raw Materials Raw Materials Available Less: Ending Raw Materials Raw Materials used in Production Less: Indirect Materials included in Overhead Direct Materials used in Production Direct labor Manufacturing Overhead applied to Work in Process Total manufacturing costs added to Production Total manufactuing costs to account for Less: Ending Work in Process Cost of goods manufactured $23,400 $75,200 $98,600 $5,400 $93,200 16,000 $77,200 $117,750 $118,951 $313,901 $329,101 $5,100 $324,001 Beginning Finished Goods Inventory Add: Cost of Goods Manufactured Cost of Goods Available for Sale Deduct: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overapplied Overhead Adjusted Cost of Goods Sold $24,100 $324,001 $348,101 $8,200 $339,901 $5,215 $345,116
