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An asterisk (*) will appear to the right of an incorrect entry.
1.
Prius
Company
Volt
Company
Materials inventory, December 1
280,280$ 177,000$
Materials inventory, December 31 (a) 180,000
Materials purchased 712,800 342,000
Cost of direct materials used in production 752,400 (a)
Direct labor 1,058,400 (b)
Factory overhead 327,600 180,000
Total manufacturing costs incurred during December
(b) 1,035,000
Total manufacturing costs 2,678,400 1,477,500
Work in process inventory, December 1 540,000 442,500
Work in process inventory, December 31 453,600 (c)
Cost of goods manufactured
(c) 1,024,500
Finished goods inventory, December 1 475,200 204,000
Finished goods inventory, December 31 496,800 (d)
Sales
4,140,000 1,675,500
Cost of goods sold (d) 1,051,500
Gross profit (e) (e)
Operating expenses 540,000 (f)
Net income (f) 384,000
2.
Work in process inventory, December 1, 2014
Direct materials:
Cost of direct materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs
Less:
Cost of goods manufactured
3.
Sales
Cost of goods sold:
Cost of finished goods available for sale
Cost of goods sold
Gross profit
Operating expenses
Net income
VOLT COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2014
VOLT COMPANY
Income Statement
For the Month Ended December 31, 2014
Key Code:
Instructions
Problem 16(1)-4A
Name:
Section:
0%
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[Key code here]
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Score:
An asterisk (*) will appear to the right of an incorrect entry.
1.
Prius
Company
Volt
Company
Materials inventory, December 1
280,280$ 177,000$
2.
Work in process inventory, December 1, 2014 442,500$
Direct materials:
3.
Sales
1,675,500$
Problem 16(1)-4A
Name:
Solution
Section:
For the Month Ended December 31, 2014
VOLT COMPANY
Statement of Cost of Goods Manufactured
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
VOLT COMPANY
Income Statement
For the Month Ended December 31, 2014
