The following data were taken from the records of Marigold Company for the fisca

Question

The following data were taken from the records of Marigold Company for the fiscal year ended June 30, 2017.

Raw Material Inventory 7/1/16 $58,100 Factory Insurance $4,800 Raw Material Inventory 6/30/17 46,600 Factory Machinery Depreciation 17,100 Finished Goods Inventory 7/1/16 99,700 Factory Utilities 29,400 Finished Goods Inventory 6/30/17 21,900 Office Utilities Expense 9,350 Work in Process Inventory 7/1/16 21,200 Sales Revenue 560,500 Work in Process Inventory 6/30/17 29,400 Sales Discounts 4,700 Direct Labor 147,550 Plant Manager’s Salary 63,400 Indirect Labor 25,360 Factory Property Taxes 9,910 Accounts Receivable 28,000 Factory Repairs 2,500 Raw Material Purchases 97,300 Cash 39,200 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) MARIGOLD COMPANY Cost of Goods Manufactured Schedule or the Year Ended June 30, 201 ork in Process, July 1, 2016 120 irect Material w Materials Inventory, July 1, 201 6 E8100 w Materials Purchase 730 otal Raw Materials Available for 5540 June 30 2012 a4660 w Materials Invent rect Materials Use rect Labo anufacturing Overhea ant Manager's Salar 0880 4755 340 536 940 710 80 ndirect Lab actory Utilitie Machinery Depreciation actory Insuranc actory Property Taxe 50 otal Manufacturing Overhea otal Manufacturing Co otal Cost of Work in Process Inventor 5247 0882 3002 29400 ork in Process, June 30, 2017 300520 ost of Goods Manufacture Attempts: 4 of 5 used

Explanation / Answer

MARIGOLD COMPANY

(Partial) Income Statement

For the year ended June 30, 2017

Sales Revenue

560,500

Less : Sales Discount

(4,700)

Net Sales

555,800

Cost of goods sold

Finished Goods Inventory 7/1/16    

99,700

Cost of goods Manufactured

400,620

Cost of goods available for sale

500,320

Less : Finished Goods Inventory 6/30/17  

(21,900)

Cost of goods sold

478,420

Gross Profit

77,380

MARIGOLD COMPANY

(Partial) Income Statement

For the year ended June 30, 2017

Sales Revenue

560,500

Less : Sales Discount

(4,700)

Net Sales

555,800

Cost of goods sold

Finished Goods Inventory 7/1/16    

99,700

Cost of goods Manufactured

400,620

Cost of goods available for sale

500,320

Less : Finished Goods Inventory 6/30/17  

(21,900)

Cost of goods sold

478,420

Gross Profit

77,380

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.