The following is the trial balance of Hyde Company at December 31, 2016, together with the worksheet adjustments. Hyde Company uses perpetual inventory procedures.

Additional information:

1. January 1, 2016, inventories were materials, $36,000; work in process, $27,800; and finished goods, $42,000.

2. Net delivered cost of materials purchased was $142,800.

3. Direct labor was $180,800.

4. Manufacturing overhead included the following:

Required

a.Complete the worksheet

b.Prepare an income statement

Transcribed Image Text:

Cash Materials inventory Work in process inventory Finished goods inventory Prepaid insurance Factory machinery Accumulated depreciation-Factory machinery Patents Accounts payable Common stock, $17 par value Retained earnings Sales Manufacturing overhead Cost of goods sold Sales salaries expense Advertising expense Non-factory administrative expenses Income tax expenses Income tax payable Trial Balance Debit Credit $28,000 52,000 30,000 42,000 2,800 240,000 40,800 414,000 52,000 13,600 33,400 $50,000 Adjustment $948,600 $948,600 Debit 66,200 170,000 25,400 620,000 17,000 (2) $17,000 (1) 1,400 (3) 3,200 (4) 20,000 $41,600 Credit (1) $1,400 (2) 17,000 (3) 3,200 (4) 20,000 $41,600 Indirect labor Factory utilities Repairs and maintenance Factory buildings rent Indirect material $61,000 8,200 4,400 18,000 15,000 Cash Materials inventory Work in process inventory Finished goods inventory Prepaid insurance Factory machinery Accumulated depreciation-Factory machinery Patents Accounts payable Common stock, $17 par value Retained earnings Sales Manufacturing overhead Cost of goods sold Sales salaries expense Advertising expense Non-factory administrative expenses Income tax expenses Income tax payable Trial Balance Debit Credit $28,000 52,000 30,000 42,000 2,800 240,000 40,800 414,000 52,000 13,600 33,400 $50,000 Adjustment $948,600 $948,600 Debit 66,200 170,000 25,400 620,000 17,000 (2) $17,000 (1) 1,400 (3) 3,200 (4) 20,000 $41,600 Credit (1) $1,400 (2) 17,000 (3) 3,200 (4) 20,000 $41,600 Indirect labor Factory utilities Repairs and maintenance Factory buildings rent Indirect material $61,000 8,200 4,400 18,000 15,000

Answer rating: 100% (QA)

Cost of goods manufactured and sold Direct material Beginning materials inventory 36000 Add Purchase... View the full answer