Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The administrative offices and manufacturing plant of Billings Tool & Dle share the same building. The following information (in $000s) appears in the accounting records
The administrative offices and manufacturing plant of Billings Tool & Dle share the same building. The following information (in $000s) appears in the accounting records for last year. Administrative costs Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December 31 Finished goods Inventory, January 1 Todirect factory labor Indirect materials and supplies Marketing costs Property taxes on building (85% of this amount is for factory) Sales revenue Work in process inventory, December 31 Work-in-process inventory, January 1 $ 1,656 900 1,170 855 15 11 3,68e 485 70 56 919 681 869 1,000 13,09 27 34 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement Complete this question by entering your answers in the tabs below. COGS Stint Income Smit 234) Prepare a cost of goods sold statement. (Enter your answers in thousands of dollars (t.e, 234,000 should be entered as BILLINGS TOOL & DIE Statement of Cost of Goods Sold For the Year Ended December 31 (5000) Manufacturing costs Direct materials Manufacturing overhead Total manufacturing overhead Total manufacturing costs Total cost of work in process during the year Costs of goods manufactured during the year Cost of goods sold COGS simt Income Stmt>
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bfe5156642_216669bfe50da042.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bfe51ee628_217669bfe518fdf2.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bfe52868b0_218669bfe522b429.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started