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
0%
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Instructions
ON COMPANY
Statement of Cost of Goods Manufactured
For the Month Ended December 31, 2014
Problem 18-4B
Name:
Section:
ON COMPANY
Income Statement
For the Month Ended December 31, 2014
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) 30,800 91,140
Purchases
Cost of materials available for use
Work in process inventory, December 31, 2014
2.
Work in process inventory, December 1, 2014 119,000$
Direct materials:
65,800$
3.
Sales
Finished goods inventory, December 31, 2014
Cost of goods manufactured
1,127,000$
Cost of goods sold:
ON COMPANY
Income Statement
For the Month Ended December 31, 2014
Key Code:
For the Month Ended December 31, 2014
ON COMPANY
Statement of Cost of Goods Manufactured
Materials inventory, December 1, 2014
Problem 18-4B
Name:
Solution
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Sales