{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

FINC 577 Chapter 1 Notes Outline

Chapter 1 14 manufacturing manufacturing costs in

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online