AB D E F Ar Introduction to Cost Terms and Purposes Cost of goods manufactured, income statement, manufacturing company Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Beginning End of of 2017 2017 124,000 73,000 173,000 145,000 240,000 206,000 262,000 Direct manufacturing labor 217,000 Plant insurance Indirect manufacturing labor Depreciation-plant, building, and equipment 97,000 9,000 45,000 Plant utilities 26,000 Repairs and maintenance-plant 12,000 Equipment leasing costs 65,000 Marketing, distribution, and customer-service costs 125,000 General and administrative costs 71,000 B C B S 1. Prepare a schedule for the cost of goods manufactured in 2017. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Carolina Corporation Schedule of Cost of Goods Manufactured Year Ended December 31, 2017 (in thousands) Direct materials costs: Direct materials used Manufacturing overhead costs: 2 Total manufacturing overhead costs 3 Manufacturing costs incurred during 2017 4 Cost of goods manufactured S Less Finished Goods Inventory 12/31/2017 5 Total manufacturing costs to account for Cost of goods manufactured (to Income Statement) B 784.000 812.000 206.000 $846,000 D E F G H 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. (Always use cell references and formulas where appropriate to receive full credit. If you 28 29 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017. (Always use cell references and formulas where appropriate to receive full credit. If you 30 copy/paste from the Instructions tab you will be marked wrong) 223328 34 35 36 37 Cost of goods sold: 38 Carolina Corporation Income Statement Year Ended December 31, 2017 (in thousands) 39 40 41 42 Cost of goods sold 43 44 Operating Costs: 45 46 47 Total operating costs 48 Operating income (loss) 49