Fill out statement of cost of services

INSTRUCTIONS:

The following are the actual numbers for January:

Materials

Purchased $5,000 of Materials

Consumed 40% of those purchased materials

Direct Labor

Direct Labor was $6,240

Factory Overhead

Factory Overhead was $2,800

Statement of Cost of Services

For the Month Ended January 31, xxxx

Beginning Work-in-Process Inventory

$ -

Direct Materials:

Materials - Beginning

Add: Purchases for month of January

-

Materials Available for Use

Deduct: Ending Materials

Materials Used

Direct Labor

Factory Overhead

Total Manufacturing Overhead

Deduct: Ending Work-in-Process Inventory

Cost of Services

Next using this information, fill out the income statement below

	INSTRUCTIONS:
	Complete the statement in proper form.
	Revenue will be provided in an announcement at the end of Module 4
	(based on actual number of services for your pricing levels).
	Additional information necessary to complete the income statement:
	General and Administrative Salaries paid = $1,200
	Advertising = $100
	Cleaning Products = $120
	Depreciation = $83
	Rent = $650
	Loan = $420
	Utilities and Insurance = $600
Income Statement
For the Month Ended January 31, xxxx
	Revenue:
	Grooming	$ -
	Day Care	-
	Boarding	-
	Total Revenue		$ -
	Cost of Goods Sold *		-
	Gross Profit		$ -
	Expenses:
	G&A Salaries	$ -
	Advertising	-
	Cleaning Products	-
	Depreciation	-
	Rent	-
	Loan	-
	Utilities and Insurance	-
	Total Expenses		$ -
	Net Income / Loss		$ -
	* Cost of Goods Sold = Cost of Services (COS)
	There is no finished goods inventory to maintain.