job cost - 15-18 shows a condensed schedule for Wallace...

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Reporting Job Cost Data Helpful Hint Companies usually prepare monthly financial statements for management use only. At the end of a period, companies prepare financial statements that present aggregate data on all jobs  manufactured and sold. The cost of goods manufactured schedule in job order costing is the same as  in Chapter  14  with one exception:  The schedule shows manufacturing overhead applied, rather  than actual overhead costs. The company adds this amount to direct materials and direct labor  to determine total manufacturing costs. Companies prepare the cost of goods manufactured schedule directly from the Work in Process  Inventory account. Illustration 
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Unformatted text preview: 15-18 shows a condensed schedule for Wallace Manufacturing Company for January. Illustration 15-18 Cost of goods manufactured schedule Note that the cost of goods manufactured ($39,000) agrees with the amount transferred from Work in Process Inventory to Finished Goods Inventory in journal entry No. 7 in Illustration 15-16 . The income statement and balance sheet are the same as those illustrated in Chapter 14 . For example, Illustration 15-19 shows the partial income statement for Wallace Manufacturing for the month of January. Illustration 15-19 Partial income statement ....
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