Solution-Prepare a schedule of cost of goods manufactured

Prepare a schedule of cost of goods manufactured

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Reference no: EM132109558

Question: This is an individual work. Please submit your answers on Canvas by 11pm, September 15th.

Edmonco, Inc. manufactures briefcases. The following information is available for the company (in millions):

For Specific Date		For Year 2014
Work-in-process inventory, Jan. 1, 2014	$20	Plant utilities	$6
Direct materials inventory, Dec. 31, 2014	9	Indirect manufacturing labor	25
Finished goods inventory, Dec. 31, 2014	10	Depreciation-plant and equipment	8
Accounts payable, Dec. 31, 2014	28	Revenues	360
Accounts receivable, Jan. 1, 2014	57	Miscellaneous manufacturing overhead	17
Work-in-process inventory, Dec. 31, 2014	5	Marketing, distribution, and customer-service costs	70
Finished goods inventory, Jan. 1, 2014	43	Direct materials purchased	82
Accounts receivable, Dec. 31, 2014	30	Direct manufacturing labor	41
Accounts payable, Jan. 1, 2014	40	Plant supplies used	5
Direct materials inventory, Jan. 1, 2014	39	Property taxes on plant	3

Required: 1. Prepare a schedule of cost of goods manufactured

2. Prepare an income statement

3. Calculate total prime costs

4. Calculate total conversion costs

5. Calculate total inventoriable costs

Reference no: EM132109558

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Prepare a schedule of cost of goods manufactured

Reference no: EM132109558

Reference no: EM132109558

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