Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the income statement for Clear Bay Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare the income statement for Clear Bay Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 33,000 units of its product at a price of $10 each during the year. BE: (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Clear Bay Company Income Statement For Current Year NA Less LAS Choose from any list or enter any number in the input fields and then click Check Answer Prepare the income statement for Clear Bay Company for the most recent year. Use the calculation of cost of goods sold cost of goods manufactured, and the amounts below. Assume that the company sold 33,000 units of its product at a price of $10 each during the year. i Data Table Year Beginning End of End of of Year Raw materials inventory $ 23.000 $ 31,000 Insurance on plant..... ... $ 7.000 Work in process Depreciation-plant building and inventory ... $ 36,000 S 27.000 equipment. $ 12,500 Finished goods inventory .......$ 17,000 $ 21.000 Repairs and maintenance-plant..$ 4,400 Purchases of direct materials 76,000 Marketing expenses $ 75,000 General and administrative Direct labor $ 81,000 expenses $ 29,500 Indirect labor $ 45,000 Print Done Choose from any list or enter any number in the input helds and then click Check Answer All parts showing Clear All Check Answer 10 HUVITIC SLAGTIGE VIVICA wuy V T IUI U MOSLICEU Cal. USC We calculduul UI ta * Reference 36,000 Clear Bay Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for 68,000 81,000 68,900 Less: Ending work in process inventory 253,900 27,000 226,900 Cost of goods manufactured (CGM) Print Print Done Done i Reference Clear Bay Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 17.000 226,900 243,900 21,000 222,900 Print Print Done Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0135982235, 9780135982235

More Books

Students also viewed these Accounting questions

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago