Consider the following account balances (in thousands) for the Shaler Corporation. Beginning of...
Question:
Consider the following account balances (in thousands) for the Shaler Corporation.
| Beginning of 2014 | End of 2014 | |
| Direct materials inventory | $130,000 | $68,000 |
| Work-in-progress inventory | $166,000 | $144,000 |
| Finished goods inventory | $246,000 | $204,000 |
| Purchases of direct materials | $256,000 | |
| Direct manufacturing labor | $212,000 | |
| Indirect manufacturing labor | $96,000 | |
| Indirect materials | $28,000 | |
| Plant insurance | $4,000 | |
| Depreciation-Plant, building and equipment | $42,000 | |
| Plant utilities | $24,000 | |
| Repairs and maintenance-Plant | $16,000 | |
| Equipment leasing costs | $64,000 | |
| Marketing, distribution, and customer-service costs | $124,000 | |
| General and administrative costs | $68,000 |
Required:
1. Prepare a schedule for the cost of goods manufactured for 2014.
2. Revenues (in thousands) for 2014 were $1,200,000. Prepare the income statement for 2014.
Income Statement:
All the temporary accounts such as income and revenue are reported on the income statement by a business organization. The purpose is to calculate the net profit by deducting expenses from revenue.
Answer and Explanation: 1
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A schedule for the cost of goods manufactured for 2014 is shown below.
Shaler Company
Schedule of Cost of Goods Manufactured
For the Year End...
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