D A B C E F G Consider the following account balances (in thousands) for Egor Corporation: 1 Denton Company Direct materia ls inventory 2 FLOWCHART End of 2017 Beginning of 2017 65,000 3 EXCEL 78,000 Work-in-process inventory 145,000 4 ASSIGNMENT 149,000 Finished-goods inventory 206,000 246,000 5 275,000 Purchases of direct materials 6 Direct manufacturing labor Indirect manufacturing labor 217,000 7 97,000 8 9,000 Plant insurance 9 Depreciation-plant, building, and 45,000 equipment 10 INPUTS Formula Bar 26,000 Plant utilities 11 Repairs and maintenance-plant 12,000 12 Plant equipment leasing costs 65,000 13 Marketing, distribution, and 115,000 customer-service costs 14 95,000 General and administrative costs 15 REVENUES 1,350,000 16 17 18 ACCT 3110 Flowchart & Income Statement Egor Corporation REQUIREMENTS: (a) Complete all colored cells using the data in the INPUT tab (see bottom of screen) Note: (a) You are required to use formulas throughout this assignment (b) Answer the following 3 questions: Direct Material 78,000 288,000 Which number represents the cost of goods which were COMPLETED this period? Beg Inventory 803,000 275,000 763,000 3Purchases Which number represents the cost of goods which are finished by not sold? What was the total amount ofmanufacturing costs this period? End Inventory 65,000 (c) CONTINUE TO Statements Tab TO COMPLETE THE Financial Statements 1 2 REQUIRED: ONLY FORMULAS 3 4 (NO HARDCODING 5 Direct Labor Work in Process Finished Goods Cost of Goods Sold 7 206,000 145,000 803,000 217,000 145,000 149,000 246,000 Beg Inventory 217.000 Cost of goods mfd 763,000 used to WIP CGS CGM o 254,000 1 288,000 763,000 803,000 End Inventory 4 5 Factory Overhead 97,000 45,000 to WIP 6 Name of cost Samount 7 Indirect manufacturing labor Depreciation-plant, building, and equipment Plant utilities 0 Plant insurance 1 Repairs and maintenance-plant 2 Plant equipment leasing costs 254,000 26,000 9,000 12,000 65,000 1. Complete the Schedule of the Cost of Goods Manaufactured 1 Egor Corporation Schedule of Cost of Goods Manufactured 2 4 Year Ended December 31, 2017 (in thousands) 5 Direct materials costs: REQUIRED: ONLY FORMULAS (NO HARDCODING Direct Materials 1/1/2017 7 8 Direct Materials purchased 9 =Total direct materials available Less: Direct Materials 12/31/2017 10 Direct materials used L1 Direct Labor Manufacturing overhead costs 12 13 NOTE: 14 Make sure your #'s reconcile to the #'s on the flowchart 15 16 17 18 19 Total manufacturing overhead costs 20 21 2 Beginning WIP 1/1/2017 Total manufacturing costs this period 23 24 =Total manufacturing costs to account for 5 Less: Ending WIP 12/31/2017 26 Cost of goods manufactured (to Income Statement) 27 28 2.. Prepare the income statement for 2017. 29 30 2.. Prepare the income statement for 2017. Denton Corporation Income Statement Year Ended December 31, 2017 (in thousands) Sales Cost of goods sold: Beginning Finished Goods 1/1/2017 + Cost of Goods Manufac tured =Goods Available for Sale Less: Ending Finished Goods 12/31/2017 Cost of goods sold Gross Profit Operating Costs: Total operating costs Operating income (loss)
