Question: need help double checking my work irement: Use the information to prepare the schedule of cost of goods manufactured & income statement. Inventories: Raw Materials
need help double checking my work

irement: Use the information to prepare the schedule of cost of goods manufactured & income statement. Inventories: Raw Materials Beginning Ending Work in Process $ 6 $ 10 Finished Goods 12 21 8 14 Other Information Needed: Sales Revenue $ 275 Selling Expenses 82 Direct Labor 56 Manufacturing (Factory) Overhead 25 Direct Material Purchases 30 Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Beginning Work in Process Inventory $ 12 Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw Materials 30 Raw Materials Available for Use Ending Raw Materials (10 ) Total Direct Materials Used 3. Direct Labor R.R.M Manufacturing Overhead 25 Total Manufacturing Costs Incurred during year 107 Total Manufacturing Costs to Account for 4. 107 Ending Work in Process Inventory Cost of Goods Manufactured $ 98 Income Statement Year Ended December 31, 2018 Sales Revenue $ 275 Cost of Goods Sold: '245 Beginning Finished Goods Cost of Goods Manufactured 5. 98 92 Cost of Goods Available for Sale 106 18 Ending Finished Goods Inventory Cost of Goods Sold ( 14) Gross Profit 92 Selling Expense Net Income (loss) (82) 183 SO 101
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
