Given the following selected account balances of Shanta Company.
|Raw materials inventory, Dec. 31, 2012,||$38,000|
|Goods in process inventory, Dec. 31, 2012,||$56,200|
|Finished goods inventory, Dec. 31, 2012,||$68,000|
|Raw materials purchases||$169,900|
|Factory computer supplies used||$21,500|
|Rent cost of factory building||$54,000|
|General and administrative expenses||$135,000|
|Raw materials inventory, Dec. 31, 2013,||$44,800|
|Goods in process inventory, Dec. 31, 2013,||$43,900|
|Finished goods inventory, Dec. 31, 2013,||$67,000|
Prepare its manufacturing statement for the year ended on December 31, 2013.
It is a schedule used to calculate the cost of goods manufactured in an accounting year. It helps track an item's cost, how much direct material is used, manufacturing overhead per unit, etc.
Answer and Explanation: 1
Manufacturing statement is prepared as follows:
|Particulars||Amount $||Amount $|
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 3 / Lesson 13
The cost of goods is the expenses used to produce products, provide services, or acquire inventory. Study the definition of cost of goods and how to calculate it in this lesson.