Statement of cost of goods manufactured and income statement for a manufacturing

Question

Statement of cost of goods manufactured and income statement for a manufacturing company Amount Descriptions Statement of Cost of Goods Manufactured Income Statement The following information is available for Robstown Corporation for 20YB: Inventorles Materials Work in process Finished goods January 1December 31 $44,250 63,900 101,200 $31,700 80,000 99,800 December 31 400,000 30,000 80,000 1,100,000 53,300 115,000 556,600 318,000 40,000 Advertising expense Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased ofmice salaries expense Property taxes-factory

Explanation / Answer

Robstown Corporation Statement Showing Cost of Goods Manufactured For the Year 2018 Amount Amount Current manufacturing costs: Cost of materials placed in production: Opening Raw materials $               44,250 Add: Purchases $           5,56,600 Total Available $           6,00,850 Closing Raw materials $               31,700 $           5,69,150 Manufacturing Overheads: Direct Labour $         11,00,000 Hear Light Power - Factory $               53,300 Indirect Labour $           1,15,000 Depreciation Expenses - Factory Equipment $               80,000 Property Tax - Factory $               40,000 Rent Expenses - Factory $               27,000 Supplies - Factory $                 9,500 Miscllaneous Cost - Factory $               11,400 $        14,36,200 Add: Opening Work-in-process, $              63,900 Total costs in process $        20,69,250 Less: Ending Work-in-process $              80,000 Cost of goods manufactured $        19,89,250 Total Manufacturing cost $        19,89,250 Robstown Corporation Income Statement For the Year 2018 Sales $        38,50,000 Less: Cost of Goods Sold Opening Stock of Finished Goods $           1,01,200 Add: Manufacturing Cost $         19,89,250 Good Available for Sold $         20,90,450 Less: Closing Stock of Finished Goods $               99,800 Cost of Goods Sold $        19,90,650 Gross Profit $        18,59,350 Operating Expenses Advertising Expenses $           4,00,000 Depreciation Expenses - Office Equipment $               30,000 Office Salary Expenses $           3,18,000 Property Tax - Office Building $               25,000 Sales Salaries Expenses $           2,00,000 $           9,73,000 Net Profit $           8,86,350

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