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An asterisk (*) will appear to the right of an incorrect entry.
1.
On
Company Off
Company
Materials inventory, December 1
65,800$ 195,300$
Materials inventory, December 31 (a) 91,140
Materials purchased 282,800 (a)
Cost of direct materials used in production 317,800 (b)
Direct labor 387,800 577,220
Factory overhead 148,400 256,060
Total manufacturing costs incurred in December (b) 1,519,000
Total manufacturing costs 973,000 1,727,320
Work in process inventory, December 1 119,000 208,320
Work in process inventory, December 31 172,200 (c)
Cost of goods manufactured
(c) 1,532,020
Finished goods inventory, December 1 224,000 269,080
Finished goods inventory, December 31 197,400 (d)
Sales
1,127,000 1,944,320
Cost of goods sold (d) 1,545,040
Gross profit (e) (e)
Operating expenses 117,600 (f)
Net income (f) 164,920
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
ON COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2014
ON COMPANY
Income Statement
For the Month Ended December 31, 2014
Key Code:
Instructions
Problem 16(1)-4B
Name:
Section:
0%
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[Key code here]
Answers are entered in the cells with gray backgrounds.
Score:
An asterisk (*) will appear to the right of an incorrect entry.
1.
On Company Off
Company
Materials inventory, December 1
65,800$ 195,300$
2.
Work in process inventory, December 1, 2014 119,000$
3.
Sales
1,127,000$
Problem 16(1)-4B
Name:
Solution
Section:
For the Month Ended December 31, 2014
ON 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
ON COMPANY
Income Statement
For the Month Ended December 31, 2014
