P19-4B The
following data were taken from the records of Goodman Manufacturing Company for
the year ended December 31, 2012.
|
Raw Materials Inventory
01/01/12
|
$47,000
|
Factory Machinery Depreciation
|
$7,700
|
|
Raw Materials Inventory
12/31/12
|
44,200
|
Factory Utilities
|
12,900
|
|
Finished Goods
Inventory 01/01/12
|
85,000
|
Office Utilities
Expense
|
8,600
|
|
Finished Goods
Inventory 12/31/12
|
67,800
|
Sales
|
465,000
|
|
Work in Process
01/01/12
|
9,500
|
Sale Discounts
|
2,500
|
|
Work in Process
12/31/12
|
8,000
|
Plant Manager's Salary
|
40,000
|
|
Direct labor
|
145,100
|
Factory Property Taxes
|
6,100
|
|
Indirect Labor
|
18,100
|
Factory Repairs
|
800
|
|
Account Receivable
|
27,000
|
Raw Materials Purchases
|
62,500
|
|
Factory Insurance
|
7,400
|
Cash
|
28,000
|
Instructions:
(a) Prepare
a cost of goods manufactured schedule. (Assume all raw materials used were
direct materials.)
(b)
Prepare an income statement through gross profit.
(c)Prepare the current
assets section of the balance sheet at December 31.
TUTORIAL PREVIEW
(a) Prepare
a cost of goods manufactured schedule. (Assume all raw materials used were
direct materials.)
|
GOODMAN
MANUFACTURING COMPANY
|
|||
|
Cost
of Goods Manufactured Schedule
|
|||
|
For
the Year Ended December 31, 2012
|
|||
|
Work in Process
01/01/12
|
$9,500
|
||
|
Direct materials
|
|||
|
Raw materials inventory
01/01/12
|
$47,000
|
||
|
Raw materials purchases
|
62,500
|
||
|
Total Raw materials
available for use
|
109,500
|
||
|
Less: Raw materials
inventory, 12/31/12
|
44,200
|
||
File name: P19-4B Goodman File type: xls PRICE: $6
