1.
Work in process inventory, January 1, 20Y8
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during the year
Total manufacturing costs
Cost of goods manufactured
2.
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses:
Total operating expenses
Net income
Robstown Corporation
Income Statement
For the Year Ended December 31, 20Y8
Problem 15(1)-5A
Name:
Section:
Robstown Corporation
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 20Y8
An asterisk (*) will appear to the right of an incorrect entry.
1.
Work in process inventory, January 1, 20Y8 63,900$
Cost of direct materials used in production
569,150$
Direct labor 1,100,000
Total factory overhead 336,200
Total manufacturing costs incurred during the year
2,005,350
Total manufacturing costs
Cost of goods manufactured
1,989,250$
2.
Sales
3,850,000$
Cost of goods sold:
Cost of goods sold (1,990,650)
Gross profit 1,859,350$
Operating expenses:
Total operating expenses (973,000)
Net income 886,350$
Robstown Corporation
Income Statement
For the Year Ended December 31, 20Y8
Problem 15(1)-5A
Name:
Solution
Section:
For the Year Ended December 31, 20Y8
Robstown Corporation
Statement of Cost of Goods Manufactured
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