- - = = Merge Clipboard Font Alignment 1 fx Building Blocks of Managerial Accounting D E Building Blocks of Managerial Accounting Prepare Income Statement H Review the following amounts for West Nautical Company. Assume that the Raw Materials Inventory contains only direct materials. The Calculation of Direct Materials Used, Schedule of Cost of Goods Manufactured, and Calculation of Cost of Goods Sold can be found under the "COSTOFGOODSSOLD"tab Beginning End of of Year Year End of Year Raw materials inventory $ 23,000 S 25,000 Insurance on plant $ 11,500 Work in process inventory $ 35,000 $ 31,000 Depreciation-plant building and equipmen $ 13,400 Finished goods inventory $ 20,000 $ 22,000 Repairs and maintenance-plant $ 3,700 Purchases of direct materials $ 74,000 Marketing expenses $77,000 Direct labor $ 86,000 General and administrative expenses $ 28,500 Indirect labor $ 42,000 Assume that the company has the following sales during the year: Price per Units sold unit 34,000 5 12 5 7 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the instruction 3 tab you will be marked wrong. 21 Requirement 22 Prepare the income statement for West Nautical Company in for the most recent year. 23 a. Check your spelling carefully and do not abbreviate. b. Follow the format in the exhibit that shows the Manufacturer's income Statement Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted 26 27 Saving & Submitting Solution 28 1 Save file to desktop a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 30 2 Upload and submit your file to be graded 31 a. Navigate back to the activity window screen where you downloaded the initial spreadsheet 32 b. Click. Choose button under step 3, locate the file you just saved and click Open Click Upload button under step 3 34 d. Click Submit button under step 4 35 36 Viewing Results 37 1 Click on Results tab in My Accountingtab 2 Click on the Assignment you were working on 35 3. Click on Project link this will bring up your Score Card 4 Within Score Card window, click on Live Comments Report lower right to download spreadsheet with feedback 41 DATA SHEET - DO NOT ENTER ANSWERS HERE 2 3 Calculation of Direct Materials Used 4 Beginning Raw Materials Inventory $ 23,000 5 Plus: Purchases of direct materials 74,000 6 Materials available for use $ 97,000 7 Less: Ending Raw Materials Inventory 25,000 8 Direct materials used $ 72,000 9 10 Schedule of Cost of Goods Manufactured 11 Beginning Work in Process Inventory $ 35,000 12 Plus Manufacturing costs incurred: 13 Direct materials used 72,000 14 Direct labor 86,000 15 Manufacturing overhead 70,600 16 Total manufacturing costs to account for $ 263,600 17 Less: Ending Work in Process Inventory 31,000 18 Cost of goods manufactured $ 232,600 19 20 Calculation of Cost of Goods Sold 21 Beginning Finished Goods Inventory $ 20,000 22 Plus: Cost of goods manufactured 232,600 23 Cost of goods available for sale $ 252,600 24 Less: Ending Finished Goods Inventory 22,000 25 Cost of goods sold $ 230,600 26 27 28 29 30 31 32 (Always use cell references and formulas where appropriate to receive full 1 credit. If you copy/paste from the Instruction tab you will be marked wrong.) 2 3 West Nautical Company 4 Income Statement For Current Year 5 6 7 8 9 10 11 12 13 Operating income 14