FINC 577 Chapter 1 Notes Outline

Chapter 1 14 manufacturing manufacturing costs in

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Unformatted text preview: ng Manufacturing Costs in Financial Statements Chapter 1-15 Manufacturing Costs in Financial Statements Balance Sheet - Inventories Merchandising Company Manufacturing Company One category of inventory: May have three inventories: Merchandise Inventory ______________ ______________ ______________ Chapter 1-16 Manufacturing Manufacturing Costs in Financial Statements Balance Sheet - Inventories Chapter 1-17 Example 1 Vargas Vargas Corporation has the following cost records for June 2011. Indirect Factory Labor $4,500 Direct Materials Used $20,000 Factory Utilities Depreciation, Factory Equipment $400 $1,400 Work in Process, 6/1/11 $3,000 Direct Labor Work in Process, 6/30/11 in Process 6/30/11 $3,800 Maintenance, Factory Equipment Factory Equipment $1,800 Finished Goods, 6/1/11 $5,000 Indirect Materials $2,200 Finished Goods, 6/30/11 $7,500 Factory Manager's Salary $3,000 Chapter 1-18 $30,000 Example 1 Part Part a: Prepare a Cost of Goods Man Manufactured Schedule Sched Part Part b: Prepare an income statement through gross profit for June 2011 assuming net sales are $87,100. Chapter 1-19 Example 1 ColorColor-coded components of the COGM...
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This document was uploaded on 01/19/2014.

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