Prepare the income statement for South Marine Company for the most recent year. Use the calculation...
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Prepare the income statement for South Marine Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the aroounts below. Assume that the company sold 30,000 units of product at a price of $14 each during the year. (Click the icon to view the amounts) - X (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold) Loss Less Reference South Marine Company Income Statement For Current Year For Current Year Beginning finished goods inventory Plum: Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Cost of goods sold 18,000 227.600 245,000 22,000 223,600 Data Table Beginning End of of Year Year Reference Raw materials inventory S 21.000 $ 32.000 insurance on plant $ 10,500 Work in process inventory Depreciation-plant building and $ Finished goods inventory $ 36,000 $ 31,000 equipment 18,000 $ 22,000 Repairs and maintenance-plant South Marine Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in proces inventory Plus ufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less Ending work in process invermory Cost of goods manufactured (COM) Print Done $ $ End of Year $ $12.700 $4,400 36.000 68,000 86.000 68,600 258,800 31,000 227,000 X Check Answer Prepare the income statement for South Marine Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the aroounts below. Assume that the company sold 30,000 units of product at a price of $14 each during the year. (Click the icon to view the amounts) - X (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold) Loss Less Reference South Marine Company Income Statement For Current Year For Current Year Beginning finished goods inventory Plum: Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Cost of goods sold 18,000 227.600 245,000 22,000 223,600 Data Table Beginning End of of Year Year Reference Raw materials inventory S 21.000 $ 32.000 insurance on plant $ 10,500 Work in process inventory Depreciation-plant building and $ Finished goods inventory $ 36,000 $ 31,000 equipment 18,000 $ 22,000 Repairs and maintenance-plant South Marine Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in proces inventory Plus ufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less Ending work in process invermory Cost of goods manufactured (COM) Print Done $ $ End of Year $ $12.700 $4,400 36.000 68,000 86.000 68,600 258,800 31,000 227,000 X Check Answer
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Related Book For
Managerial Accounting
ISBN: 978-0176223311
1st Canadian Edition
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
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