The following data were taken from the records of Moxie Company for the year ended December 31, 2014.

The following data were taken from the records of Moxie Company for the year ended December 31, 2014.

P1-4B Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet

P1-4B The following data were taken from the records of Moxie Company for the year ended December 31, 2014.

Raw Materials Inventory, 01/1/14	$47,000	Factory Machinery Depreciation	$7,700
Raw Materials Inventory, 12/31/14	44,200	Factory Utilities	12,900
Finished Goods Inventory, 01/1/14	85,000	Office Utilities Expense	8,600
Finished Goods Inventory, 12/31/14	57,800	Sales Revenues	465,000
Work in Process Inventory, 01/1/14	9,500	Sale Discounts	2,500
Work in Process Inventory, 12/31/14	8,000	Plant Manager's Salary	60,000
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	18,000

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, 2014.

 

 

TUTORIAL PREVIEW

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

MOXIE COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014
Work in Process Inventory, 01/1/14			$9,500
Direct materials
Raw materials inventory, 01/1/14	$47,000
Raw materials purhases	62,500
Total raw materials available for use	109,500

File name: P1-4B Moxie Company.xls File type: xls  PRICE: $6