Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grady White Boats is located in Greenville, NC and manufactures boats that are sold across the country. The administrative and manufacturing operations occupy the same

image text in transcribed
image text in transcribed
image text in transcribed
Grady White Boats is located in Greenville, NC and manufactures boats that are sold across the country. The administrative and manufacturing operations occupy the same 200,000 square foot building. The manufacturing plant uses 150,000 square feet of the building. Depreciation is assigned based on building use. Indirect labor represent 15% of the total manufacturing labor. The financial information for the year ended December 31, 2022 is shown as follows: \begin{tabular}{|l|r|} \hline & (\$ Thousands) \\ \hline & $150 \\ \hline Administrative Costs & 400 \\ \hline Total Building Depreciation & 15 \\ \hline Direct Materials Inventory, January 1 & 20 \\ \hline Direct Materials Inventory, December 31 & 1,570 \\ \hline Direct Materials Purchased During the Year & 80 \\ \hline Finished Goods Inventory, December 31 & 180 \\ \hline Indirect Labor & 140 \\ \hline Maintenance on Plant Machinery & 110 \\ \hline Marketing Costs & 960 \\ \hline Operating Profit & 83 \\ \hline Other Plant Overhead & 155 \\ \hline Plant Supervision and Administration & 67 \\ \hline Plant Supplies and Indirect Materials & 5,000 \\ \hline Sales Revenues & 117 \\ \hline Taxes on Manufacturing property & 110 \\ \hline Work-in-Process Inventory, January 1 & 80 \\ \hline Work-in-Process Inventory, December 31 & (15) \\ \hline \end{tabular} Required: Prepare a Cost of Goods Manufactured Statement and an Income Statement. If there are any calculations involved show them. Create this in Excel

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

External Auditing Tutorial

Authors: Jo Osborne, John Taylor

1st Edition

9781909173965, 1909173967

More Books

Students also viewed these Accounting questions