Manufacturing costs/income statement
Manufacturing costs/income statementYou are given the following information for a company and it appears to have a number ofmissing values.For the Year ending December 31, 2014Beginning direct materials inventory: $100Purchases of direct materials: ($A)Ending direct materials: $68Direct materials used: $180Direct labor: ($B)Manufacturing overhead: $230Total manufacturing costs added this period: ($C)Beginning WIP inventory: $73Ending WIP inventory:$ 44Cost of Goods Manufactured: $775Beginning FG inventory: $ 74Ending FG inventory: ($D)Cost of goods sold: $750Net Sales: $1,200Selling and administrative expenses: $270Net income: ($E)For the Year ending December 31, 2015Beginning direct materials inventory: ($F)Purchases of direct materials: $120Ending direct materials: $90Direct materials used: $98Direct labor: $300Manufacturing overhead: ($G)Total manufacturing costs added this period: $690Beginning WIP inventory: ($H)Ending WIP inventory: $ 60Cost of Goods Manufactured: ($I)Beginning FG inventory: ($J)Ending FG inventory: ($K)Cost of goods sold: $650Net Sales: $1,000Selling and administrative expenses: ($L)Net income: $110Required:1. Determine the correct amounts for A through L.A.G.B.H.C.I.D.J.E.K.F.L.2. Prepare the following journal entries for the year ending December 31, 2015a. Purchase of direct materials (amount calculated in Part F.)b. Direct labor used in production ($300)c. Cost of goods manufactured (amount calculated in Part I.)d. Sale and Cost of goods sold (Sales 1,000 and COGS $650).3. Prepare an income statement for the year ending December 31, 2015
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