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Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $314,000 Selling
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:
Sales | $314,000 |
Selling and administrative expenses | 127,500 |
Purchases of raw materials | 44,000 |
Direct labor | 30,000 |
Manufacturing overhead | 54,500 |
Inventories | |||
---|---|---|---|
August 1 | August 31 | ||
Raw materials | $ 7,000 | $ 5,000 | |
Work-in-process | 13,000 | 11,000 | |
Finished goods | 15,000 | 18,000 |
Required Prepare a statement of cost of goods manufactured and an income statement for August 2017. Do not use negative signs with any of your answers below.
Bridgeview Manufacturing Company | |||
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Statement of Cost of Goods Manufactured | |||
For the Month Ending August 31, 2017 | |||
Current manufacturing costs: | |||
Cost of materials placed in production: | |||
Raw materials, 8/1/17 | Answer
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Purchases | Answer
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Total available | Answer
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Raw materials, 8/31/17 | Answer
| Answer
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Direct labor | Answer
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Manufacturing overhead | Answer
| Answer
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Work-in-process, 8/1/17 | Answer
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Total costs in process | Answer
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Work-in-process, 8/31/17 | Answer
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Cost of goods manufactured | Answer
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Bridgeview Manufacturing Company | |||
---|---|---|---|
Income Statement | |||
For the Month Ending August 31, 2017 | |||
Sales | Answer
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Cost of goods sold | |||
Finished goods inventory, 8/1/17 | Answer
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Cost of goods manufactured | Answer
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Total goods available for sale | Answer
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Finished goods inventory, 8/31/17 | Answer
| Answer
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Gross profit | Answer
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Selling and administrative expenses | Answer
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Net income | Answer
|
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