Part One: In 2018, Pricilla White opened Pricilla's Posies, a small retail shop selling Part Two: Pricilla's Posies was so successful that Pricilla decided to manufacture her floral arrangements. own brand of floral supplies: Floral Place Manufacturing. (Click the icon to view the records.) (Click the icon to view the records.) Read the requirement (Part One) Read the requirements (Part Two). Part Three: Show the ending inventories that would appear on these balance sheets: (Click the icon to view additional information.) Part One: Begin by calculating the cost of goods sold for the year. Pricilla's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2019 Beginning inventory $ 12,800 Plus: Purchases 36,500 Cost of goods available for sale 49,300 9,500 Less: Ending inventory $ 39,800 Cost of goods sold Part One: In 2018, Pricilla White opened Pricilla's Posies, a small retail shop selling Part Two: Pricilla's Posies was so successful that Pricilla decided to manufacture her floral arrangements own brand of floral supplies: Floral Place Manufacturing PER (Click the icon to view the records.) (Click the icon to view the records.) Read the requirement (Part One) Read the requirements (Part Two) Part Three: Show the ending inventories that would appe balance sheets: (Click the icon to view additional information) Pricilla's Posles Income Statement For the Year Ended December 31, 2019 Sales revenue $ 51,000 39,800 11,200 Less: Cost of goods sold Gross profit Less: Operating expenses Sales commissions expense Rent expense $ 4,600 3,400 1,200 Utilities expense 9.200 $ 2,000 Operating income Part Two Requirement 1. Calculate the cost of Goods Manufactured for Floral Place Manufacturing for the year ended December 31, 2020 Begin by calculating the direct materials used during the year. Floral Place Manufacturing Calculation of Direct Materials Used For the Year Ended December 31, 2020 Beginning raw materials inventory 20,000 Plus: Purchases of direct materials 37,000 Materials available for use 57,000 Less: Ending raw materials inventory 10,500 $ Direct materials used 46,500 Calculate the cost of Goods Manufactured for Floral Place Manufacturing for the year ended December 31, 2020. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Read the requirement (Part One) Read the requirements (Part Two). Calculate the COST OF GOODS manufactured tor Fiorar Piace manufacturing for the year ended December 31, 2020. (For accounts with a su balance, make sure enter in the appropnate cen) $ 0 Floral Place Manufacturing Calculation of Cost of Goods Manufactured For the Year Ended December 31, 2020 Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured S 46,500 28,000 14,100 88,600 3,500 S 85,100 Requirement Prepare an income statement for Floral Place Manufacturing for the year ended December 31, 2020. Begin by calculating the cost of goods sold for the year. (For accounts with a $0 balance, make sure to enter "Oin the appropriate cell.) Requirement 2. Prepare an income statement for Floral Place Manufacturing for the year ended December 31, 2020. Begin by calculating the cost of goods sold for the year. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Floral Place Manufacturing Calculation of Cost of Goods Sold For the Year Ended December 31, 2020 Beginning finished goods inventory 0 85,100 Plus: Cost of goods manufactured Cost of goods available for sale 85,100 Less: Ending finished goods inventory 7,000 78,100 Cost of goods sold Read the requirement (Part One) Read the requirements (Part Two) Floral Place Manufacturing Income Statement For the Year Ended December 31, 2020 Sales revenue $ 100,000 78,100 Less Cost of goods sold Gross profit 21,900 Less: Operating expenses Customer service hotline expense Sales salary expense s 1,500 4,000 1.800 Delivery expense 7,300 14,600 Operating income Requirement 3. How does the format of the income statement for Floral Place Manufacturing differ from the income statement of Pricilla's Posies? A manufacturer's cost of goods sold is based on its cost of goods manufactured In contrast, a merchandiser's cost of goods sold is based on its merchandise purchases. Part Three: Requirement 1. Show the ending inventories that would appear on the balance sheet of Pricilla's Posies at December 31, 2019. (If an input field is not used in the statement leave the input field empty; do not select a label or enter a zero.) Pricilla's Posies Balance Sheet (Partial) December 31, 2019 Inventory 9,500 Requirement 2. Show the ending inventories that would appear on the balance sheet of Floral Place Manufacturing at December 31, 2020. Floral Place Manufacturing Balance Sheet (Partial) December 31, 2020 Data Table wo: Pricilla's Posies was so successful that Pricilla decided to many rand of floral supplies: Floral Place Manufacturing. Click the icon to view the records.) At the end of December 2020, her accounting records show the following: Utilities for plant. $ 4,700 Data Table X $ 1,800 Delivery expense Sales salaries expense $ 4,000 $ 1,000 On December 31, 2019, her accounting records show the following: $ 3,500 Plant janitorial services Work in process inventory, December 31, 2020 Finished goods inventory, December 31, 2019 Finished goods inventory, December 31, 2020 $ 0 $ 7,000 $ 100,000 Fid Sales revenue $ 51,000 Utilities for shop. $ 1,200 Inventory on December 31, 2019... $ 9,500 Inventory on January 1, 2019 $ 12,800 Rent for shop $ 3,400 Sales commisions $ 4,600 $ 1,500 $ 28,000 Sales revenue Customer service hotline expense Direct labor. Direct material purchases Rent on manufacturing plant Raw materials inventory, December 31, 2019 Raw materials inventory, December 31, 2020 Work in process inventory. December 31, 2019 $ 37,000 $ 8,400 Purchases of merchandise ....... $ 36,500 $ 20,000 10,500 Print Done $ 0 Print Done