Sheridan Corporation has the following cost records for the year ended December 31, 2022: Indirect factory...

Transcribed Image Text:

Sheridan Corporation has the following cost records for the year ended December 31, 2022: Indirect factory labour $5,060 Direct materials used 250,000 Work in process (1/1/2022) 31,500 Work in process (12/31/2022) 27,900 Finished goods (1/1/2022) 35,400 Finished goods (12/31/2022) 29,100 Factory utilities 40,500 Depreciation, factory equipment 34,500 Direct labour 302,300 Indirect materials 22,300 Factory manager's salary 63,100 Selling and administrative expenses 342,800 Net sales 1,233,000 Factory machinery rent 42,900 Work in process, (1/1/2022) Direct materials used Direct labor Add: Manufacturing overhead Indirect materials Sheridan Corporation Cost of Goods Manufactured For the year ended December 2022 31,500.00 250,000.00 302,300.00 22,300.00 Indirect factory labor 5,060.00 Factory utilities 40,500.00 Depreciation, factory equipment 34,500.00 Factory manager's salary 63,100.00 Factory machinery rent 42.900.00 Total manufacturing overhead 208,360,00 Total manufacturing costs 760,660.00 Cost of goods put into production 792,160.00 Less: Work in process, (12/31/2022) Cost of goods manufactured (27,900.00) 764,260.00 Prepare an income statement for 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SheridanCorporation Income Statement Net Sales Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, January 1 Gross Profit Finished Goods Inventory, December 31 Selling and Administrative Expenses Cost of Goods Available for Sale Net Income/(Loss) CA $ 6A $ LA > Sheridan Corporation has the following cost records for the year ended December 31, 2022: Indirect factory labour $5,060 Direct materials used 250,000 Work in process (1/1/2022) 31,500 Work in process (12/31/2022) 27,900 Finished goods (1/1/2022) 35,400 Finished goods (12/31/2022) 29,100 Factory utilities 40,500 Depreciation, factory equipment 34,500 Direct labour 302,300 Indirect materials 22,300 Factory manager's salary 63,100 Selling and administrative expenses 342,800 Net sales 1,233,000 Factory machinery rent 42,900 Work in process, (1/1/2022) Direct materials used Direct labor Add: Manufacturing overhead Indirect materials Sheridan Corporation Cost of Goods Manufactured For the year ended December 2022 31,500.00 250,000.00 302,300.00 22,300.00 Indirect factory labor 5,060.00 Factory utilities 40,500.00 Depreciation, factory equipment 34,500.00 Factory manager's salary 63,100.00 Factory machinery rent 42.900.00 Total manufacturing overhead 208,360,00 Total manufacturing costs 760,660.00 Cost of goods put into production 792,160.00 Less: Work in process, (12/31/2022) Cost of goods manufactured (27,900.00) 764,260.00 Prepare an income statement for 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SheridanCorporation Income Statement Net Sales Cost of Goods Manufactured Cost of Goods Sold Finished Goods Inventory, January 1 Gross Profit Finished Goods Inventory, December 31 Selling and Administrative Expenses Cost of Goods Available for Sale Net Income/(Loss) CA $ 6A $ LA >