Question
The Benesch Corporation has the following account balances (in millions): For Specific Date For Year 2014 Direct materials inventory, Jan. 1, 2014 $13 Purchases of
The Benesch Corporation has the following account balances (in millions):
For Specific Date For Year 2014
Direct materials inventory, Jan. 1, 2014 $13 Purchases of direct materials $320
Work-in-process inventory, Jan. 1, 2014 10 Direct manufacturing labor 120
Finished goods inventory, Jan. 1, 2014 76 Depreciationplant and equipment 90
Direct materials inventory, Dec. 31, 2014 27 Plant supervisory salaries 5
Work-in-process inventory, Dec. 31, 2014 5 Miscellaneous plant overhead 32
Finished goods inventory, Dec. 31, 2014 55 Revenues 965
Marketing, distribution, and customer-service costs 235
Plant supplies used 10
Plant utilities 36
Indirect manufacturing labor 72
Requirement
Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31,2014.
Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect manufacturing costs, and finally complete the schedule by calculating the cost of goods manufactured.
Benesch Corporation
Schedule of Cost of Goods Manufactured
Year Ended December 31, 2014 (in millions)
Direct materials costs:
Direct materials used
Direct manufacturing labor costs
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