x P2-38 (static) Question Help Consider the following account balances (in thousands) for the Carolina Corporation: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017. Start with the direct materials and labor costs, then manufacturing overhead costs, and complete the schedule by calculating cost of goods manufactured. Carolina Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Beginning inventory, Jan. 1, 2017 $ 124,000 262,000 Purchases of direct materials Cost of direct materials available for use 386.000 Ending inventory, Dec. 31, 2017 73,000 Direct materials used $ 313,000 217,000 Direct manufacturing labor Manufacturing overhead costs: Depreciationplant, building, and equipment Repairs and maintenance-plant $ 45,000 12,000 Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Check Answer 10 8 tv ta 11 B W mathxl.com/Student/PlayerHomework.aspx?homeworkid=578430035&questionId=2&flushed=true&cld=6222255¢erwin=yes ACCT2000-001 (1) JIAWEI SUN & 10/08/20 8:45 AM Homework: chapter 2 Save Score: 36.73 of 60 pts 2 of 2 (2 complete) HW Score: 76.73%, 76.73 of 100 pts P2-38 (static) Question Help O Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. 12.000 Consider the following account balances (in thousands) for the Carolina Corporation: (Click the icon to view the account balances.) Depreciatura, Dunumy, and equipment 43UUU Repairs and maintenance-plant Plant insurance 9,000 Plant utilities 26,000 Indirect manufacturing labor 97,000 Equipment leasing costs 65,000 Total manufacturing overhead costs 254,000 Manufacturing costs incurred during 2017 784,000 Beginning work-in-process inventory, Jan 1, 2017 173,000 Total manufacturing costs to account for 957,000 Ending work-in-process inventory, Dec 31, 2017 145,000 Cost of goods manufactured S 812,000 Requirement 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. (Use a minus sign or parentheses for an operating loss.) 173000 Carolina Corporation Income Statement For the Year Ended December 31, 2017 (in thousands) Beginning work-in-process inventory, Jan. 1, 2017 Cost of goods sold: Beginning finished goods, Jan 1, 2017 240000 Cost of goods manufactured 1 Cnet nf vie available for cale 1 Choose from any list or enter any number in the input fields and then click Check Answer ? All parts showing Clear All Check Answer mathxl.com/Student/PlayerHomework.aspx?homeworkid=578430035&questionId=2&flushed=true&cld=6222255¢erwin=yes ACCT2000-001 (1) JIAWEI SUN & 10/08/20 8:45 AM Homework: chapter 2 Save Score: 36.73 of 60 pts 2 of 2 (2 complete) HW Score: 76.73%, 76.73 of 100 pts P2-38 (static) Question Help O Consider the following account balances (in thousands) for the Carolina Corporation: (Click the icon to view the account balances.) ) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. Tocar mariuracturing costs to account for Ending work-in-process inventory, Dec 31, 2017 145,000 S 812,000 Cost of goods manufactured Requirement 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statorrent for 2017. (Use a minus sign or parentheses for an operating loss.) Carolina Corporation Income Statement For the Year Ended December 31, 2017 (in thousands) Beginning work-in-process inventory, Jan. 1, 2017 173000 Cost of goods sold Beginning finished goods, Jan 1, 2017 240000 Cost of goods manufactured Cost of goods available for sale Ending finished goods, Dec 31, 2017 Cost of goods sold Operating costs: Repairs and maintenance-plant Marketing, distribution, and customer service costs Total operating costs Operating income/(loss) Choose from any list or enter any number in the input fields and then click Check Answer. ? All parts showing Clear All Check Answer mathxl.com/Student/PlayerHomework.aspx?homeworkld=578430035&questionid=2&flushed=true&cld=6222255¢erwin=yes ACCT2000-001 (1) JIAWEI SUN & 10/08/20 8:45 AM Homework: chapter 2 Save 2 of 2 (2 complete) HW Score: 76.73%, 76.73 of 100 pts Score: 36.73 of 60 pts P2-38 (static) Question Help O Consider the following account balances (in thousands) for the Carolina Corporation: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands for 2017 were $1.300,000. Prepare the income statement for 2017. Data Table Requirement 1. Prepare a schedule for the cost of goods manufacture Start with the direct materials and labor costs, then manufacturing over End of Beginning of 2017 Carolina Corporation 2017 $ 124,000 $ 173,000 240,000 73,000 145,000 206,000 Carolina Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousan , Direct materials: Beginning inventory, Jan 1, 2017 S 124 Purchases of direct materials 262 Cost of direct materials available for use 386 Ending Inventory, Dec. 31, 2017 73 Direct materials used Direct manufacturing labor Manufacturing overhead costs: Depreciation plant, building, and equipment S 45 Repairs and maintenance-plant 12 Plant Insurance 9 Plant utilities 2 28 Direct materials inventory Work-in-process Inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance plant Equipment leasing costs Marketing, distribution, and customer-service costs General and administrative costs 262,000 217,000 97,000 9,000 45,000 26,000 12,000 65,000 125,000 71,000 Indirect manufacturing labor 97 65 6 Equipment leasing costs Print Done Total manufacturing overhead costs Choose from any list or enter any number in the input fields and then click Check Answer. ? All parts showing Clear All Check