Quiz: Chapter 2 Assignment 3 Submit Quiz This Question: 5 pts 1 of 1 This Quiz:

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Quiz: Chapter 2 Assignment 3 Submit Quiz This Question: 5 pts 1 of 1 This Quiz: 5 pts possible Question Hep * Consider tolowing account balances (in thousands) for the Suden EEB (Click the icon to view the account balances Requirament 1. Prepare a schedule for the cost of goods manufactuned for 2017 Start with the drect maerials and labor costs then manufacturing overeadcsts and complete the schedule by caloulating cost of goods manufactured 1. Prepare a schedule for the cost f goods manfactured for 2017 2. Revenues in ousands fer 2017 wene 51,200,000 Prepare the income Suden Corporation For the Year Ended December 31, 2017 (in Direct materials Direct manufacturing labor Total manufacturing overhead costs Manufacturing costs incurned Guring 2017 Cost of Requirement 2. Revenues (in thousands) for 2017 wore $1.200,000 Prepare the income statement for 2017 (se a mius sign or parentheses for an operating loss) Suden Corperatior Income Statement For the Year Ended December 31, 2017 (in thousands) Cost of goods sold Cost of goods sold Operating coss Total operating costs Operating incomeloss Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

Solution 1:

solution 2:

Suden Corporation Schedule of cost of goods manufactured For the year ended December 31, 2017 (In thousands) Particulars Amount Direct materials: Beginning inventory $127,000.00 Add: Purchase of direct materials $264,000.00 Less: Ending inventory of direct material -$69,000.00 Direct material consumed $322,000.00 Direct manufacturing labor $213,000.00 Manufacturing overhead costs: Indirect manufacturing labor $100,000.00 Plant insurance $6,000.00 Depreciation - Plant, Building and equipment $40,000.00 Plant utilities $23,000.00 Repairs and maintenance - Plant $16,000.00 Equipment leasing costs $60,000.00 Total manufacturing overhed costs $245,000.00 Manufacturing cost incurred during 2017 $780,000.00 Add: Beginning Work In Process Inventory $168,000.00 Total manufacturing costs to account for $948,000.00 Less: Ending work in process inventory -$151,000.00 Cost of goods manufactured $797,000.00

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