Following are the columns reflecting the statement of cost of goods manufactured and the income statement from
Question:
Required
1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement.
3. Journalize the adjusting entries for the inventories.
4. Journalize the closingentries.
Transcribed Image Text:
STATEMENT OF COST OF GOODS MANUFACTURED INCOME STATEMENT DEBIT ACCOUNT NAME DEBIT CREDIT 2,849,924.00 Sales Returns and Allowances Sales Discounts Selling Expenses 23,560.00 22.420.00 341,031.00 138 434.00 Raw Mateñials Purchases (net Direct Labor Indirect Labor Heat, Light, and Power Factory Supervision Rent, Factory Machinery Repairs 730,550.00 917.510.00 210,178.00 51.262.00 5120500 30210.00 30,096,00 11,780.00 Factory Supplies Used Factory Insurance Expired Small Tools Expense Miscellaneous Factory Costs Loss on Disposal of Equipment Intarest Expense Income Tax Expense Manufacturing Summary 1.292.00 16,340.00 12,920.00 81,70000 136,040.00 236,360.00 240,331.00 131,328.00 Income Summary Cost of Goods Manufactured Net Income 344,660.00 354,768.00 2,441,785.00 376,371.00 2,065,414.00 2,065,414.00 2441,785.00 2441 78500 3,046.479.00 3,204,692.00 3 204,692.00 3,204,69200
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Southeast Container Company Inc Statement of Cost of Goods Manufactured For Year Ended December 31 20 WorkinProcess Inventory Jan 1 20 236360 Raw Mate...View the full answer
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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