Schedule of cost of finished goods manufactured&Income; Statement The accounting

Question

Schedule of cost of finished goods manufactured&Income; Statement The accounting records of Autum's Leaf blowing and Child Care services Inc. include the f ollowing information about the company's manufacturing costs and inventories in 2015 Manufactoring cost Direct materials u Direct materials Direct labor costs charged to production. Manufactoring overhead applied ?77? 287,000 112,000 464,000 720,000 124,000 Selling and Administrative e xpense. Dec. 31, 2015 Jan. 1, 2015 44,000 30,000 412,000 31,000 21,000 165,000 Direct n process. Finished goods Complete the following Schedule of Cost of Finished Goods Manufactured for the year ended December 31, 2015; Autum's Leaf Blowing and Child Care Services Schedule of Cost Finished Goods Manufactured For thr Year Ended December 31, 2015 Work in process inventory, Jan. 1, 2015 Manufacturing cost assinged to production: Total manufacturing costs.... 850,000 in process during the year Dec. 31, 2015 Less: Work in process invent Cost of finished s manufactured Autum's Leaf Blowing and Child Care Services Income Statement For the Year Ended December 31 Sales Less: Cost of goods sold (1) Gross profit on sales Less: Selling and administrative expenses The company's cost of goods sold figure is based on the following flow of costs through production to finished goods Finished goods inventory, January 1 Add: Cost of finished goods manufactured Cost of goods available for sale ess: Finished goods inventory, December 31 ost of goods sold

Explanation / Answer

AUTUM'S LEAF BLOWING AND CHILD CARE SERVICES Statement of Cost of Finished Goods Manufactured For the Year Ended Dec 31, 2015 Direct Material Direct Material Inventory, Jan 1, 2015          31,000.00 Direct Material Purchased        287,000.00 Total Direct Material Available for Production        318,000.00 Less: Direct Material Inventory, Dec 31, 2015        (44,000.00) Cost of Direct Materials Used in Productions        274,000.00 Direct Labor        112,000.00 Manufacturing Overhead Applied        464,000.00 Total Manufacturing Costs incurred        850,000.00 Add: WIP Inventory, Jan 1, 2015          21,000.00 Less: WIP Inventory, Dec 31, 2015        (30,000.00) Cost of Goods Manufactured        841,000.00 AUTUM'S LEAF BLOWING AND CHILD CARE SERVICES Statement of Cost of Goods Sold For the Year Ended Dec 31, 2015 Finished Goods Inventory, Jan 1, 2015        165,000.00 Cost of Goods Manufactured        841,000.00 Cost of Goods Available for Sale    1,006,000.00 Less: Finished Goods Inventory, Dec 31, 2015     (412,000.00) Cost of Goods Sold        594,000.00 AUTUM'S LEAF BLOWING AND CHILD CARE SERVICES Income Statement For the Year Ended Dec 31, 2015 Sales        720,000.00 Less: Cost of Goods Sold        594,000.00 Gross Profit        126,000.00 Less: Selling & Administrative Expenses        124,000.00 Net Income            2,000.00

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