information for the year ended December 31, 2010:
Direct labor $16,840
Direct material used 16,300
General and administrative expenses 14,240
Indirect production costs 16,780
Selling expenses 13,599
Work in process inventory, January 1, 2010 0
Work in process inventory, December 31, 2010 0 F
inished goods inventory, January 1, 2010 0
Finished goods inventory, December 31, 2010 ?
Cost of goods sold 42,720
Requirements:
A) What is the Cost of Goods Manufactured for the year endedDecember 31, 2010?
B) What is Finished Goods Inventory at December 31, 2010?
information for the year ended December 31, 2010:
Direct labor $16,840
Direct material used 16,300
General and administrative expenses 14,240
Indirect production costs 16,780
Selling expenses 13,599
Work in process inventory, January 1, 2010 0
Work in process inventory, December 31, 2010 0 F
inished goods inventory, January 1, 2010 0
Finished goods inventory, December 31, 2010 ?
Cost of goods sold 42,720
Requirements:
A) What is the Cost of Goods Manufactured for the year endedDecember 31, 2010?
B) What is Finished Goods Inventory at December 31, 2010?
Related questions
Income Statement and Supporting Schedules. Thefollowing financial information is for Industrial Company. (Notethat the most current financial information is presented in thefirst column.)
December 31, 2011 | December 31, 2010 | |
Raw materials inventory | $ 24,000 | $ 30,000 |
Work-in-process inventory | 1,800,000 | 1,650,000 |
Finished goods inventory | 1,050,000 | 1,230,000 |
Of the total raw materials placed in production for the year,$36,000 was for indirect materials. Industrial had $3,795,000 insales for the year ended December 31, 2011. The company also hadthe following costs for the year:
Selling | $ 270,000 |
General and administrative | $ 720,000 |
Raw materials purchases | $ 300,000 |
Direct labor used in production | $ 375,000 |
Manufacturing overhead | $1,890,000 |
Required:
a. Prepare a schedule of raw materials placed in production forthe year ended December 31, 2011.
b Prepare a schedule of cost of goods manufactured for the yearended December 31, 2011.
c.Prepare a schedule of cost of goods sold for the year endedDecember 31, 2011.
d. Prepare an income statement for the year ended December 31,2011.
e Describe the three types of costs included in cost of goodssold on the income statement. (Dollar amounts are not necessary inyour descriptions.)
please show all calculations and explanations
Please properly mark the solution number
