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    1. The schedule of cost of goods manufactured for Carolina Corporation for 2017 shows: - Direct materials used cost $313 million - Direct manufacturing labor costs were $217 million - Manufacturing overhead costs totaled $254 million - Total manufacturing costs were $784 million 2. The income statement for 2017 shows revenues of $1.3 billion and cost of goods sold of $846 million, resulting in a gross margin of $454 million and operating income of $258 million.

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    1. The schedule of cost of goods manufactured for Carolina Corporation for 2017 shows: - Direct materials used cost $313 million - Direct manufacturing labor costs were $217 million - Manufacturing overhead costs totaled $254 million - Total manufacturing costs were $784 million 2. The income statement for 2017 shows revenues of $1.3 billion and cost of goods sold of $846 million, resulting in a gross margin of $454 million and operating income of $258 million.

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    © All Rights Reserved
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    11 views3 pages

    Acct2121hw1 2-38

    Uploaded by

    Ckay Lee
    1. The schedule of cost of goods manufactured for Carolina Corporation for 2017 shows: - Direct materials used cost $313 million - Direct manufacturing labor costs were $217 million - Manufacturing overhead costs totaled $254 million - Total manufacturing costs were $784 million 2. The income statement for 2017 shows revenues of $1.3 billion and cost of goods sold of $846 million, resulting in a gross margin of $454 million and operating income of $258 million.

    Copyright:

    © All Rights Reserved
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    of 3

    1.

    Carolina Corporation
    schedule of cost of goods manufactured
    Year Ended December 31 , 2017
    ( in thousands)

    Direct material costs


    1 2017 $124,000
    Beginning inventory , Jan
    Purchases d- direct materials 262,00

    Cost d- direct materials available for use 386,000

    Ending inventory , Dec 31 2017 73,000


    Direct materials used $5B ,
    ooo

    labor costs 217 ooo


    Direct manufacturing ,

    overhead costs
    Manufacturing
    Indirect manufacturing labor 97,000
    9,000
    Plant insurance

    Depreciation
    -

    Plant building & equipment 45,000

    Plant utilities 26,000


    12,00
    Repairs & maintenance -

    plant
    asks 65,00
    Equipment lease

    Total manufacturing overhead costs 254,000

    Manufacturing Aks incurred during 2017 784,000


    Add
    beginning work in
    process inventory Jan 12017 173,000
    - -

    Total manufacturing costs # account for 957,000

    Deduct ending work -

    in -

    process inventory > Dec 312017 145,000

    d- statement ) $812,000
    Cost goods manufactured to income
    2. Carolina Corporation
    Income Statement
    Year Ended December 31,2017
    ( in thousands )

    Revenues $1,300,000
    costs of goods sold
    finished goods Jan 12017 $240,000
    Beginning ,

    812 , 000
    d- manufactured
    Cost goods
    available for sale 1) 052,000
    Cost of goods
    Dec 312017 206,000
    Ended finished goods ,

    Cost d- sold 846,000


    goods
    Gross margin 454,000
    costs
    Operating
    distribution olaistomer costs 125,000
    Marketing serine
    -

    General & administrative costs 71,00

    Total operating costs 196,000

    Operating income $258,000

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