Several items are omitted from each of the following income statement and cost of goods manufactured statement
Question:
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare a statement of cost of goods manufactured for Margo Company.
3. Prepare an income statement for Margo Company.
Transcribed Image Text:
Margo Company $ 47,000 Rita Company Materials inventory, December 1 $ 139,500 Materials inventory, December 31 (a) 65,100 202,000 Materials purchased (a) Cost of direct materials used in production 227,000 (b) Direct labor 277,000 412,300 Factory overhead 106,000 182,900 Total manufacturing costs incurred in December (b) 1,085,000 Total manufacturing costs 1,233,800 695,000 Work in process inventory, December 1 85,000 148,800 Work in process inventory, December 31 123,000 (c) Cost of goods manufactured (c) 1,094,300 Finished goods inventory, December 1 160,000 192,200 Finished goods inventory, December 31 141,000 (d) Sales 805,000 1,388,800 Cost of goods sold (d) 1,103,600 Gross profit (e) (e) Operating expenses 84,000 (f) Net income (f) 117,800
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1 Margo Company a 22000 202000 47000 227000 b 610000 227000 277000 106000 c 572000 610000 85000 ...View the full answer
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Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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