Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Natural Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: (Click the
Natural Bones manufactures its own brand of pet chew bones. At the end of December 2024, the accounting records showed the following: (Click the icon to view account balances.) Read the requirements. (Click the icon to view other information.) Requirement 1. Prepare a schedule of cost of goods manufactured for Natural Bones for the year ended December 31, 2024. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Natural Bones Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 Beginning Work-in-Process Inventory Direct Materials Used: Beginning Direct Materials Requirements Direct Materials Used Manufacturing Overhead: Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Data table 1. Prepare a schedule of cost of goods manufactured for Natural Bones for the year ended December 31, 2024. Other information: Direct materials purchases $ 33,000 2. Prepare an income statement for Natural Bones for the year ended December 31, 2024. 3. How does the format of the income statement for Natural Bones differ from the income statement of a merchandiser? 4. Natural Bones manufactured 17,300 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent. Plant janitorial services Sales salaries Delivery costs Net sales revenue 400 5,100 1,500 115,000 Utilities for plant 1,700 Rent on plant 13,000 Data table Customer service hotline costs Direct labor 1,100 24,000 Balances: Beginning Ending Direct Materials $ 14,000 $ 5,500 Work-in-Process Inventory 0 1,000 Finished Goods Inventory 0 5,100 Print Done Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started