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Category > Accounting Posted 02 May 2017 My Price 15.00

Several items are omitted from each of the following

Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2008:

 

Vinston

Turkun

 

Company

Company

Materials inventory, December 1

$ 25,000

$ 32,000

Materials inventory, December 31

(a)

15,000

Materials purchased

105,000

(a)

Cost of direct materials used in production

120,000

(b)

Direct labor

145,000

95,000

Factory overhead

56,000

42,000

Total manufacturing costs incurred in December

(b)

249,000

Total manufacturing costs

336,000

283,000

Work in process inventory, December 1

45,000

34,000

Work in process inventory, December 31

65,000

(c)

Cost of goods manufactured

(c)

252,000

Finished goods inventory, December 1

84,000

44,000

Finished goods inventory, December 31

74,000

(d)

Sales

425,000

320,000

Cost of goods sold

(d)

254,000

Gross profit

(e)

(e)

Operating expenses

44,000

(f)

Net income

(f)

27,000

Instructions

1. Determine the amounts of the missing items, identifying them by letter.

2. Prepare a statement of cost of goods manufactured for Vinston Company.

3. Prepare an income statement for Vinston Company.

Answers

Alpha Geek
(8)
Status NEW Posted 02 May 2017 11:05 AM My Price 15.00

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Attachments

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