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B C 124,000 73,000 1 An Introduction to Cost Terms and Purposes Free work cells 2 Cost of goods manufactured, income statement, manufacturing company Answer cells 3 4 Consider the following account balances (in thousands) for the Carolina Corporation: 5 Beginning 6 Carolina Corporation of 2017 End of 2017 7 Direct materials inventory 8 Work-in-process inventory 173,000 145,000 9 Finished-goods inventory 240,000 206,000 10 Purchases of direct materials 262,000 11 Direct manufacturing labor 217,000 12 Indirect manufacturing labor 97,000 13 Plant insurance 9,000 14 Depreciation-plant, building, and equipment 45,000 15 Plant utilities 26,000 16 Repairs and maintenance-plant 12,000 17 Production equipment leasing costs 65,000 18 Marketing, distribution, and customer-service costs 125,000 19 General and administrative costs 71,000 20 Revenues 1,300,000 21 22 Answer cells must remain in the same location so do not insert/delete columns or rows in the file. Numeric 23 24 1. Prepare a schedule for the cost of goods manufactured in 2017. 25 26 Carolina Corporation 27 Schedule of Cost of Goods Manufactured 28 Year Ended December 31, 2017 29 (in thousands) 30 Direct materials costs: 31 32 33 34 35 Direct materials used 36 Direct manufacturing labor costs 37 Manufacturing overhead costs: 38 39 40 41 42 43 44 Total manufacturing overhead costs 45 Manufacturing costs incurred during 2017 46 Beginning Work-in-process inventory 47 Total manufacturing costs to account for 48 Ending Work-in-process inventory 49 Cost of goods manufactured 50 51 2. Prepare the income statement for 2017. 52 53 Carolina Corporation 54 Income Statement 55 Year Ended December 31, 2017 56 (in thousands) 57 58 Cost of goods sold: 59 60 61 62 63 Cost of goods sold 64 Gross margin 65 Operating costs: 66 67 68 Total operating costs 69 Operating income (loss) 70 71