Question
Manufacturing income statement, statement of cost of goods manufactured Several items are omitted from each of the following income statement and cost of goods manufactured
Manufacturing income statement, statement of cost of goods
manufactured
Several items are omitted from each of the following income statement and cost of goods
manufactured statement data for the month of December 2012:
To m
Company
Jerry
Company
Materials inventory, December 1
$ 187,200
$ 118,000
Materials inventory, December 31
(a)
120,000
Materials purchased
475,200
228,000
Cost of direct materials used in production
501,600
(a)
Direct labor
705,600
(b)
Factory overhead
218,400
120,000
Total manufacturing costs incurred during December
(b)
690,000
Total manufacturing costs
1,785,600
985,000
Work in process inventory, December 1
360,000
295,000
Work in process inventory, December 31
302,400
(c)
Cost of goods manufactured
(c)
683,000
Finished goods inventory, December 1
316,800
136,000
Finished goods inventory, December 31
331,200
(d)
Sales
2,760,000
1,117,000
Cost of goods sold
(d)
701,000
Gross profi
t
(e)
(e)
Operating expenses
360,000
(f )
Net income
(f )
256,000
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare a statement of cost of goods manufactured for Jerry Company and COGS.
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Electronic Health Records An Audit And Internal Control Guide
Authors: Rebecca S. Busch
1st Edition
0470258209, 978-0470258200
