Among the items that Gentry Print Shop accounts for are the following: 1. Direct

Question

Among the items that Gentry Print Shop accounts for are the following:
1. Direct labor
2. Office supplies used
3. Depreciation on printing machines
4. Finished goods inventory, 12/31
5. Raw materials inventory, 1/1
6. Cost of goods manufactured
7. Work in process, 1/1
8. Office supplies inventory, 12/31
9. Indirect labor
10. Heat and electricity for the print shop

Gentry Print Shop prepares the following schedule and financial statements on a yearly basis:
(a) Cost of goods manufactured schedule.
(b) Income statement.
(c) Balance sheet.

Instructions For each item, indicate by using the appropriate letter(s) the schedule and/or financial statements in which the item will appear.

Explanation / Answer

Cost of goods manufactured schedule Income statement Balance Sheet Work in process, 1/1 Cost of goods manufactured Finished goods inventory, 12/31 Raw materials inventory, 1/1 Office supplies used Office supplies inventory, 12/31 Direct labour Factory overhead: depreciation indirect labour heat and electricity of printing shop

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