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options for the boxes are: options for the boxes are: options for the boxes are: The following data from the just-completed year are taken from
options for the boxes are:
options for the boxes are:
options for the boxes are:
The following data from the just-completed year are taken from the accounting records of Eccles Company: 1 Sales Direct labour cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 657,000 92,000 134,000 102,000 45,000 212,000 224,000 Inventories: Raw materials Work in process Finished goods Beginning of Year $ 8,200 5,200 70,200 End of Year $10,200 20,200 25,200 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. ECCLES COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials used in production Total manufacturing cost Cost of goods manufactured Direct materials: IIIIIIIII Direct labour Manufacturing overhead applied to work in process inventory Raw materials inventory, beginning Total raw materials available Total manufacturing cost Add: Beginning work in process inventory Deduct: Beginning work in process inventory 2. Prepare a schedule of cost of goods sold. ECCLES COMPANY Schedule of Cost of Goods Sold Adjusted cost of goods sold Cost of goods available for sale Finished goods inventory, beginning Unadjusted cost of goods sold 3. Prepare an income statement. ECCLES COMPANY Income Statement Selling and administrative expenses: Income Statement Administrative expense Cost of goods sold Sales Selling expenses ECCLES COMPANY Income Statement Gross loss Gross margin Selling and administrative expenses: Administrative expense Cost of goods sold Sales Selling expenses Selling and administrative expenses: Net operating income Net operating loss
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