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BUS 103 The following data were taken from the records of Moxie Company for the year ended December 31, 2017.

BUS 103 The following data were taken from the records of Moxie Company for the year ended December 31, 2017.

P15-4B The following data were taken from the records of Moxie Company for the year ended December 31, 2017.

Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet.

Raw Materials Factory Insurance $7,400
   Inventory 1/1/17 $ 47,000 Factory Machinery
Raw Materials    Depreciation 7,700
   Inventory 12/31/17 44,200 Factory Utilities 12,900
Finished Goods Office Utilities Expense 8,600
   Inventory 1/1/17 85,000 Sales Revenue 465,000
Finished Goods Sales Discounts 2,500
    Inventory 12/31/17 57,800 Plant Manager’s Salary 60,000
Work in Process Factory Property Taxes 6,100
    Inventory 1/1/17 9,500 Factory Repairs 800
Work in Process Raw Materials Purchases 62,500
    Inventory 12/31/17 8,000 Cash 18,000
Direct Labor 145,100
Indirect Labor 18,100
Accounts Receivable 27,000

 

(a)   CGM $324,900
(b)   Gross profit $110,400
(c)   Current assets $155,000

Instructions

(a)  Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
(b)  Prepare an income statement through gross profit.
(c)  Prepare the current assets section of the balance sheet at December 31.

Course: BUS 103 Principles of Management
School: Community College of Alleghany County

  • : 15/06/2017
  • : 20
  • H-2 H-2

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