Business, 04.10.2020 14:01, Jetskiii

2-32 Cost of finished goods manufactured, income statement, manufacturing company. Consider the Folowing account balances (in thousands) for the Canseco Company:
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Data
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B
Beginning of
2011
$22,000
21,000
18,000
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А
1 Canseco Company
2
3 Direct materials inventory
4 Work-in-process inventory
5 Finished goods inventory
6 Purchases of direct materials
7 Direct manufacturing
labor
8 Indirect manufacturing labor
9 Plant insurance
10 Depreciation--plant, building, and equipment
11 Repairs and maintenance-plant
12 Marketing, distribution, and customer-service costs
13 General and administrative costs
С
End of
2011
$26,000
20,000
23,000
75,000
25,000
15,000
9,000
11,000
4,000
93,000
29,000
Required
1. Prepare a schedule for the cost of goods manufactured for 2011.
2. Revenues for 2011 were $300 million. Prepare the income statement for 2011.

Answers: 2

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2-32 Cost of finished goods manufactured, income statement, manufacturing company. Consider the Fol...