Creating Cost of Goods Manufactured & Income Statement Guide
School
University of North Carolina, Pembroke**We aren't endorsed by this school
Course
ACC 2270
Subject
Accounting
Date
Dec 11, 2024
Pages
2
Uploaded by MasterTankWildcat43
1.Award: 0.00 pointsThe following data pertain to Spartan Products Company:Sales revenue$ 3,700,000Materials inventory, January 138,000Direct labor—wages440,000Depreciation expense—plant and equipment98,000Indirect labor—wages23,000Heat, light, and power—plant21,000Supervisor’s salary—plant58,000Finished goods inventory, January 144,000Work-in-process inventory, December 3134,000Supplies—administrative office9,600Property taxes—plant49,000Finished goods inventory, December 3158,000Materials inventory, December 3139,000Sales representatives’ salaries460,000Work-in-process inventory, January 153,000Materials purchases316,000Supplies—plant11,200Depreciation—administrative office57,000Required:Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December31.12/2/24, 2:48 PMAssignment Print Viewhttps://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F0aW9uLmNv…2/7
Stmt of COGMIncome StatementComplete this question by entering your answers in the tabs below.Prepare a statement of cost of goods manufactured for Spartan Products Company for the year ended December 31.Stmt of COGMIncomeStatementSPARTAN PRODUCTS COMPANYStatement of Cost of Goods ManufacturedFor the Year Ended December 31Direct materialsMaterials Inventory, January 1$38,000Purchases of materials316,000Total materials available354,000Less: Materials Inventory, December 3139,000Direct materials used$315,000Direct labor440,000Factory overheadHeat, light, and power—plant$21,000Supplies—plant11,200Property taxes—plant49,000Depreciation expense—plant and equipment98,000Indirect labor—wages23,000Supervisor’s salary—plant58,000Total factory overhead260,200Total manufacturing costs1,015,200Add: Beginning Work-in-Process Inventory, January 153,000Total manufacturing costs to account for1,068,200Less: Ending Work-in-Process Inventory, December 3134,000Cost of goods manufactured$ 1,034,20012/2/24, 2:48 PMAssignment Print Viewhttps://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmludFVSTCI6Imh0dHBzOlwvXC9lenRvLm1oZWR1Y2F0aW9uLmNv…3/7