Managerial Accounting

(a) Cost of goods manufactured schedule
(b) Income Statement
(c) Balance Sheet

The following items are found in the ledger and accompanying data

1. Direct Labor
2. Raw materials inventory, 1/1
3. Work in process inventory, 12/31
4. Finished goods inventory, 1/1
5. Indirect Labor
6. Depreciation on factory machinery
7. Work in process, 1/1
8. Finished goods inventory, 12/31
9. Factory maintenance salaries
10. Cost of goods manfactured
11. Depreciation on delivery equipment
12. Cost of goods available for sale
13. Direct materials used
14. Heat and electricity for factory
15. Repairs to roof of factory building
16. Cost of raw materials purchases

Instructions

List the items (1)-(16), For each item, indicate by using the appropriate letter or letters, the schedule and/or financial statement(s) in which the item will appear.

Solution

1. (a) Cost of goods manufactured schedule
2. (a) Cost of goods manufactured schedule
3. (a) Cost of goods manufactured schedule
   (c) Balance Sheet
4. (b) Income Statement
5. (a) Cost of goods manufactured schedule
6. (a) Cost of goods manufactured schedule
7. (a) Cost of goods manufactured schedule
8. (b) Income Statement
9. (a) Cost of goods manufactured schedule
10. (a) Cost of goods manufactured schedule
    (b) Income Statement
11. (b) Income Statement
12. (b) Income Statement
13. (a) Cost of goods manufactured schedule
14. (a) Cost of goods manufactured schedule
15. (a) Cost of goods manufactured schedule
16. (a) Cost of goods manufactured schedule