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    Mikaella Lamadora
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    The income statement shows the company had net sales of $612,100 and cost of goods sold of $280,960 resulting in a gross profit of $331,140. Total expenses were $121,200 leading to a net income of $209,840. The cost of goods sold section shows the beginning raw materials of $55,900 and purchases of $145,700. Total goods available for use were $211,700. The ending raw materials were $65,425, with raw materials used of $146,275. Total manufacturing costs were $274,735 resulting in total goods available for sale of $399,460 and ending finished goods of $118,500, giving a cost of goods sold

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    The income statement shows the company had net sales of $612,100 and cost of goods sold of $280,960 resulting in a gross profit of $331,140. Total expenses were $121,200 leading to a net income of $209,840. The cost of goods sold section shows the beginning raw materials of $55,900 and purchases of $145,700. Total goods available for use were $211,700. The ending raw materials were $65,425, with raw materials used of $146,275. Total manufacturing costs were $274,735 resulting in total goods available for sale of $399,460 and ending finished goods of $118,500, giving a cost of goods sold

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views3 pages

    Book 1

    Uploaded by

    Mikaella Lamadora
    The income statement shows the company had net sales of $612,100 and cost of goods sold of $280,960 resulting in a gross profit of $331,140. Total expenses were $121,200 leading to a net income of $209,840. The cost of goods sold section shows the beginning raw materials of $55,900 and purchases of $145,700. Total goods available for use were $211,700. The ending raw materials were $65,425, with raw materials used of $146,275. Total manufacturing costs were $274,735 resulting in total goods available for sale of $399,460 and ending finished goods of $118,500, giving a cost of goods sold

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 3

    Income Statement Cost Of Goods Sold

    Sales 615500 Raw Mat. Beg 55900 Merch. Inv. Beg


    less: Sales return and allowance 0 Purchases 145700 Purchases
    Sales Discount 3400 -3400 Freight-in 13000 Freight-in
    Net Sales: 612100 Net Purchases 214600 Net Purchases
    less: Cost of Goods Sold -280960 Less: Puchase Return -2900 Less: Puchase Return
    Gross Of Profit 331140 Total Goods Av. For use 211700 Total Goods Av. For use
    less: Expenses Less: Raw mat. End -65425 Less: Merch. Inv. End
    Insurance Expense -27000 Raw Mat. Used 146275
    Freight-out -5200 Add: Manufact. Overhead
    Advertising Expense -30000 Sal. Of Fact. Worker 75000 -127100
    Salaries Expense -55000 Indirect Labor 15120
    Office Dep. -5000 Indirect Materials 24340
    Net Income 208940 Factory BUId. Dep. 14000
    Total Manufacturing Cost 274735
    Add: WIP inv. Beg 51250
    Less: Wip inv. End -46875
    Total goods manufactured 279110
    350000 Finished Goods, Inv, beg 120350
    17000 Total goods manufactured 279110
    Total goods ava. For use 399460
    Less: Finished Good, end -118500
    280960
    Cost Of Goods Sold Adjusting Entries Opening Entries
    Merch. Inv. Beg 32000
    114000 1.. Cash
    21000 Jose, Capita 5000 A/R
    Net Purchases 167000 AFUA 5000 Inv.
    Less: Puchase Return -5000 Equipment
    Total Goods Av. For use 162000 2 A/P
    Less: Merch. Inv. End -28000 Old aje New A/D
    Equip 40000 40000 AFUA
    A/D -4000 -1000 -5000 Jose, Capital
    35000
    Jose, Capital 1000 Cash
    A/D 1000 Office F
    Pedro, Capital
    3..
    Jose, Capital 2000 Cash
    A/P 2000 A/R
    Inv.
    4.. Equipment
    Inventory 2000 Office F
    Jose, Capital 2000 A/P
    A/D
    AFUA
    Jose, Capital
    Pedro, Capital
    Allan

    60000 Date Capital Contri. Portion of The Year Unchanged Total Ave. Capt
    50000 Jan-01 40000 4/12 10000
    72000 Apr-03 48000 4/12 20000
    40000 Aug-28 42000 2/12 7000
    86000 Oct-31 60000 2/12 10000
    5000 47000
    5000
    124000 Michael

    93000 Date Capital Contri. Portion of The Year Unchanged Total Ave. Capt
    45000 Jan-01 60000 3/12 10000
    138000 Mar-03 51000 4/12 17000
    Jul-06 58000 4/12 14500
    153000 Oct-07 70000 2/12 17500
    50000 59000
    70000
    40000 Allan Michael
    45000 Interest 4700 5900
    86000 Balance to be divided equally
    5000 28900 14450 14450
    5000 19150 20350
    130000
    138000

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