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Finished goods Inventory, Beginning $16,000 Finished goods Inventory, ending $14,000 Depreciation $ 21,000 Administrative expenses $45,000 Utilities, factory $12,000 Maintenance, factory $26,000 Supplies, factory $6,000
Finished goods Inventory, Beginning $16,000 Finished goods Inventory, ending $14,000 Depreciation $ 21,000 Administrative expenses $45,000 Utilities, factory $12,000 Maintenance, factory $26,000 Supplies, factory $6,000 Insurance, factory $7,000 Purchase of raw materials $72,000 Raw materials inventory, beginning $5,000 Raw materials inventory, ending $8,000 Direct labor $61,000 Indirect labor $32,000 Work in progress, beginning $13,000 Work in progress inventory, ending $14,000 Sales $355,000 Selling expenses $61,000 Required: Calculate: Total manufacturing cost Cost of goods manufactured Cost of goods available for sale Cost of goods sold Income statement- Net operating income
Finished goods Inventory, Beginning
$16,000
Finished goods Inventory, ending
$14,000
Depreciation
$ 21,000
Administrative expenses
$45,000
Utilities, factory
$12,000
Maintenance, factory
$26,000
Supplies, factory
$6,000
Insurance, factory
$7,000
Purchase of raw materials
$72,000
Raw materials inventory, beginning
$5,000
Raw materials inventory, ending
$8,000
Direct labor
$61,000
Indirect labor
$32,000
Work in progress, beginning
$13,000
Work in progress inventory, ending
$14,000
Sales
$355,000
Selling expenses
$61,000
Required:
Calculate:
Total manufacturing cost
Cost of goods manufactured
Cost of goods available for sale
Cost of goods sold
Income statement- Net operating income
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