Cost of goods manufactured schedule and income statement

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Reference no: EM13521179

The following data were taken from the records of Moxie Manufacturing Company for the year ended December 31, 2012.

Raw Materials


Factory Insurance

$7,400

Inventory 1/1/12

$47,000

Factory Machinery


Raw Materials


Depreciation

7,700

Inventory 12/31/12

44200

Factory Utilities

12,900

Finished Goods


Office Utilities Expense

8,600

Inventory 1/1/12

85000

Sales

465,000

Finished Goods


Sales Discounts

2,500

Inventory 12/31/12

57800

Plant Manager"s Salary

60,000

Work in Process


Factory Property Taxes

6,100

Inventory 1/1/12

9500

Factory Repairs

800

Work in Process


Raw Materials Purchases

62,500

Inventory 12/31/12

8000

Cash

18,000

Direct Labor

145100



Indirect Labor

18100



Accounts Receivable

27000



Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.

(c) Prepare the current assets section of the balance sheet at December 31.

Reference no: EM13521179

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