(Partial) Income Statement For the Month ended June 30, 2008 Sales Revenues 590,000 Cost of good Sold Finished Goods Inventory June 1 43,500 Cost of Goods Manufactured Work in Process Begin 18,100 Total Manufacturing Costs 510,000 Work in Process End 30,400 Cost of Goods Manufactured 497,700 Cost of Goods available for sale 541,200 Finished Goods Inventory June 30 50,200 Cost of Goods Sold 491,000 Gross Profit 99,000 1 - (b) Manning Manufacturing Company Balance Sheet of Inventories For the Month ended June 30, 2008 Current Assets Cash xxxx Accounts Receivable xxxx Inventories: Finished Goods 50,200 Work in Process 30,400 Raw Materials 18,000 98,600 2 Timmons Manufacturing Company Cost of Goods Manufactured Schedule For the Month ended December 31, 2008 Work in Process Begin 30,000 Direct Material Raw Material Begin 12,000 Purchases 95,000 Total Raw Material Available for use 107,000 Less Raw Material End 19,000 Direct Material Used 88,000 Direct Labor 70,000 Manufacturing Overhead Indirect Labor 21,000 Factory Supervisory Salaries 12,000 Factory Depreciation Expenses 8,000 Factory Utilities Expenses 4,000 Total Manufacturing Overhead 45,000 Total Manufacturing Cost 203,000 Total Cost of Work In Process 233,000 Less Work In Process End 25,000 Cost of Goods Manufactured 208,000 3 - (a) Reser Company Cost of Direct Material Used For the year ended December 31, 2008 Raw Material Inventory Beginning 8,000 Raw Material Purchases 93,000 Raw Material Available for use 101,000 Raw Material Inventory Ending 7,000 Cost of Direct Materials Used 94,000
3 - (b) Reser Company
Cost of Manufacturing Overhead For the year ended December 31, 2008 Factory Rent 8,000 Factory Utilities 7,000 Indirect Material 4,000 Indirect Labor 6,000 Cost of Manufacturing Overhead 25,000
3 - (c) Reser Company
Cost of Goods Manufactured Schedule For the year ended December 31, 2008 Work in Process Begin 15,000 Direct Material Raw Material Inventory Beginning 8,000 Raw Material Purchases 93,000 Raw Material Available for use 101,000 Raw Material Inventory Ending 7,000 Cost of Direct Materials Used 94,000 Direct Labor 42,000 Manufacturing Overhead 25,000 Total Manufacturing Cost 161,000 Total Cost of Work In Process 176,000 Work in Process End 13,000 Cost of Goods Manufactured 163,000 3 - (d) Reser Company (Partial) Income Statement For the year ended December 31, 2008 Sales Revenues xxxxx Finished Goods Inventory, Jan 1 16,000 Cost of Goods Manufactured 163,000 Cost of Goods available for sale 179,000 Finished Goods Inventory, Dec 31 10000 Cost Of Good Sold 169,000 Selling Expenses 5,000 Administrative Expenses 12,000