Award 2 out of 200 points manufacturing statement

This preview shows page 12 - 16 out of 42 pages.

award: 2 out of 2.00 points Exercise 18-12 Manufacturing statement preparation LO P2 Given the following selected account balances of Shanta Company. Sales $ 1,255,000 Raw materials inventory, Dec. 31, 2012 45,000 Goods in process inventory, Dec. 31, 2012 54,100 Finished goods inventory, Dec. 31, 2012 65,600 Raw materials purchases 165,300 Direct labor 231,000 Factory computer supplies used 15,900 Indirect labor 58,000 Repairs—Factory equipment 5,250 Rent cost of factory building 59,000 Advertising expense 86,000 General and administrative expenses 134,000 Raw materials inventory, Dec. 31, 2013 42,900 Goods in process inventory, Dec. 31, 2013 40,900 Finished goods inventory, Dec. 31, 2013 72,400 Prepare its manufacturing statement for the year ended on December 31, 2013.
$ $ $ SHANTA COMPANY Manufacturing Statement For Year Ended December 31, 2013 Direct materials Raw materials inventory, December 31, 2012 45,000 Add: Raw materials purchases 165,300 Raw materials available for use 210,300 Less: Raw materials inventory, December 31, 2013 42,900 Direct materials used 167,400 Direct labor 231,000 Factory overhead Factory computer supplies used 15,900 Indirect labor 58,000 Repairs—Factory equipment 5,250 Rent cost of factory building 59,000 Total factory overhead costs 138,150 Total manufacturing costs 536,550 Add: Goods in process inventory, December 31, 2012 54,100 Total cost of goods in process 590,650 Less: Goods in process inventory, December 31, 2013 40,900 Cost of goods manufactured 549,750 Worksheet Exercise 18-12 Manufacturing statement preparation LO P2 Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements. Exercise 18-12 Manufacturing statement preparation LO P2 Given the following selected account balances of Shanta Company. Sales $ 1,255,000 Raw materials inventory, Dec. 31, 2012 45,000 Goods in process inventory, Dec. 31, 2012 54,100 Finished goods inventory, Dec. 31, 2012 65,600 Raw materials purchases 165,300 Direct labor 231,000 Factory computer supplies used 15,900 Indirect labor 58,000 Repairs—Factory equipment 5,250 Rent cost of factory building 59,000 Advertising expense 86,000 General and administrative expenses 134,000
Raw materials inventory, Dec. 31, 2013 42,900 Goods in process inventory, Dec. 31, 2013 40,900 Finished goods inventory, Dec. 31, 2013 72,400 Prepare its manufacturing statement for the year ended on December 31, 2013.
Score: 43 out of 43 points (100%) 7.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture