Following are the Statement of Cost of Goods Manufactured columns and the Income Statement columns of the work sheet for Ranell Manufacturing Company for the year ended December 31. Ranell Manufacturing Company’s beginning inventory of raw materials is $8,000; its beginning inventory of work-in-process is $38,400. Prepare a statement of cost of goods manufactured.

 

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F. STATEMENT OF COST OF GOODS 4. MANUFACTURED INCOME STATEMENT 5. 9. ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 29 Net Sales 360,000.00 30 Raw Materials Purchases (net) 64,000.00 160,000.00 3,200.00 1,600.00 800.00 31 Direct Labor Indirect Labor 32 33 Heat, Light, and Power Miscellaneous Factory Costs Selling Expenses 34 35 General Expenses Income Tax Expense 34,000.00 14,000.00 22,480.00 36 37 38 Manutacturing Summary 8,000.00 38,400.00 12,000.00 40,000.00 39 40 Income Summary 32,000.00 36,000.00 276,000.00 52,000.00 224,000.00 276,000.00 41 Cost of Goods Manufactured 224,000.00 326,480.00 69,520.00 396,000.00 42 43 276,000.00 396,000.00 44 Net Income 45 396,000.00 46 F. STATEMENT OF COST OF GOODS 4. MANUFACTURED INCOME STATEMENT 5. 9. ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 29 Net Sales 360,000.00 30 Raw Materials Purchases (net) 64,000.00 160,000.00 3,200.00 1,600.00 800.00 31 Direct Labor Indirect Labor 32 33 Heat, Light, and Power Miscellaneous Factory Costs Selling Expenses 34 35 General Expenses Income Tax Expense 34,000.00 14,000.00 22,480.00 36 37 38 Manutacturing Summary 8,000.00 38,400.00 12,000.00 40,000.00 39 40 Income Summary 32,000.00 36,000.00 276,000.00 52,000.00 224,000.00 276,000.00 41 Cost of Goods Manufactured 224,000.00 326,480.00 69,520.00 396,000.00 42 43 276,000.00 396,000.00 44 Net Income 45 396,000.00 46

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COGM Cost of Goods Manufactured is a word used in managerial accounting to descr... View the full answer