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Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
Valenko Company provided the following account balances for the year ended December 31 (all
raw materials are used in production as direct materials):
|
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$215,000 |
|
Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$260,000 |
|
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
? |
|
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
$160,000 |
|
Manufacturing overhead applied to work in process . . . . . . . . . |
$340,000 |
|
Total actual manufacturing overhead costs . . . . . . . . . . . . . . . |
$350,000 |
Inventory balances at the beginning and end of the year were as follows:
|
|
Beginning of Year |
End of Year |
|
Raw materials . . . . . . . . . . . . . . . . . . |
$50,000 |
$40,000 |
|
Work in process . . . . . . . . . . . . . . . . Finished goods . . . . . . . . . . . . . . . . . |
? $30,000 |
$33,000 ? |
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $35,000. The company’s overapplied or underapplied overhead is closed entirely to cost of goods sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the sched- ule of cost of goods manufactured.)
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