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2-31 - $22,000 Purchases of direct materials 75,000 Cost of...

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Kyle Dunscomb Cost Accounting 17-Feb-10 p 2-31 PANAL A: INCOME STATEMENT Canseco Company Income Statement For the Year Ended December 31, 2009 (in thousands) Revenues 300,000 Cost of goods sold:    Beginning finished goods inventory, January 1, 2009 $18,000     Cost of goods manufactured 136,000    Cost of goods available for sale 154,000    Ending finished goods invventory, December 31, 2009 23,000                     Cost of goods sold 131,000 Gross margin 169,000 Operating costs:     Marketing, distribution, and customer-service cost 93,000    General and administrative costs 29,000                     Total operating cost 122,000 Operating income $47,000  PANEL B: COST OF GOODS MANUFACTURED Canesco Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2009 (in thousands) Direct materials:    Beginning inventory, January 1, 2009
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Unformatted text preview: $22,000 Purchases of direct materials 75,000 Cost of direct materials available for use 97,000 Ending inventory, December 31, 2009 26,000 Direct materials used $71,000 Direct manufacturing labor 25,000 Manufacturing overhead costs: Indirect manufacturing labor $15,000 Plant insurance 9,000 Depreciation--plant, building, and equipment 11,000 Repairs and maintenance -- plant 4,000 Total manufacturing overhead costs 39,000 Manufacturing costs incurred during 2009 135,000 Beginning work-in-process inventory, January 1, 2009 21,000 Total manufacturing costs to account for 156,000 Ending work-in-process inventory December 31, 2009 20,000 Cost of goods manufactured $136,000...
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