Exercises 37 sections (a) Prepare a schedule of cost of contr o manufactured scheduled for the month perfe i to a cost of goods (b) For the costs not included in Calelain b in the financial statements h d be classified and reported 1-14 The following information is available for Akman Company P osto de Raw materials inventory January 1, 2017 2017 December 31, 2017 partial income Work in process inventory $21,000 $30,000 LO 3LA 13.500 Finished goods inventory 17,200 Materials purchased 27,000 21.000 Direct labor $150.00 Manufacturing overhead 220,000 Sales revenue 180.000 910.000 Instructions (a) Compute cost of goods manufactured (b) Prepare an income statement through press profit (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet of a merchandising company be different from Akman's financial statements E1-15 University Company produces collegiate apparel From its conting records, it indicate in which schedule prepares the following schedule and financial statements on a yearly basis. or financial statements) (a) Cost of goods manufactured schedule different costs will (b) Income statement. appear (c) Balance sheet (LO 3), The following items are found in its ledger and accompanying data 1. Direct labor 2. Raw materials inventory, 1/1 3. Work in process inventory, 12/31 4. Finished goods inventory. 1/1 5. Indirect labor 6. Depreciation on factory machinery 7. Work in process, 1/1 & Finished goods inventory. 12/31 9. Factory maintenance salaries 10. Cost of goods manufactured 11. Depreciation on delivery equipment 12. Cost of goods available for sale 13. Direct materials used 14. Heat and electricity for factory 15. Repairs to roof of factory building 16. Cost of raw materials purchases Instructions List the items (1)-(16). For each item, indicate by using the appropriate letter or letters, the schedule and/or financial statement(s) in which the item will appear E1-16 An analysis of the accounts of Roberts Company reveals the following manufactur manufactured schedule, and ing cost data for the month ended June 30, 2017 present the ending stories Inventory Beginning Ending on the balance sheet Raw materials $9.000 $13,100 (LO 3), AP Work in process 5,000 7,000 Finished goods 9,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insun ance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3.100, and miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2017 (b) Show the presentation of the ending inventories on the June 30, 2017, balance sheet XLS