Following is information from the records of the Savoy Company for July.

Purchases
Raw materials	$240,000
Manufacturing supplies	4,000
Office supplies	1,600
Sales	933,600
Administrative salaries	73,600
Direct labor	168,000
Production employees fringe benefits*	16,800
Sales salaries and commissions	72,000
Production supervisors salaries	16,000
Plant depreciation	19,200
Office depreciation	4,800
Plant maintenance	12,800
Plant utilities	12,000
Office utilities	4,000
Office maintenance	6,720
Production equipment rent	6,400
Office equipment rent	1,600

*Classified as manufacturing overhead

Inventories	July 1	July 31
Raw materials	$40,000	$44,800
Manufacturing supplies	6,400	5,600
Office supplies	2,400	1,600
Work-in-process	28,800	24,000
Finished goods	144,720	141,760

Required Prepare a statement of cost of goods manufactured and an income statement. Actual overhead costs are assigned to products. Note: Do not use any negative signs in your statements

Savoy Company
Statement of Cost of Goods Manufactured
For the Month of July
Current manufacturing costs:
Cost of materials placed in production:
Raw materials, 7/1	Answer
Answer: Cost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer
Total available	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer	Answer
Direct labor		Answer
Manufacturing overhead:
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer
Production employees fringe benefits	Answer
Depreciation on plant	Answer
Production supervisors' salaries	Answer
Plant maintenance	Answer
Plant utilities	Answer
Production equipment rent	Answer	Answer
Work-in-process, 7/1		Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process		Answer
Less: work-in-process, 7/31		Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process		Answer

SAVOY Company
Income Statement
For the Month Ending July 31
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process		Answer
Cost of goods sold:
Finished goods inventory, 7/1	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer
Total goods available for sale	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process		Answer
Selling and administrative expenses:
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	Answer
Administrative salaries	Answer
Sales salaries and commissions	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process	4,800
Office utilities	Answer
Office maintenance	Answer
Office equipment rent	Answer	Answer
AnswerCost of good manufacturedDepreciation on officeGross profitLess ending balance manufacturing suppliesLess ending balance office suppliesLess ending balance raw materialsLess ending balance finished goods inventoryManufacturing suppliesNet incomeOffice suppliesPlus beginning balance manufacturing suppliesPlus beginning balance office suppliesPlus ending balance raw materialsPlus ending balance finished goods inventoryPurchasesSalesTotal costs in process		Answer