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The Ralph Corporation Cost of Goods Manufactured Statement December 31, 19 XX

The Ralph Corporation's cost of goods manufactured statement shows that for the period ending December 31, 19XX the total cost of goods manufactured was $270,800. This was calculated by taking the total cost put into production of $271,150 and subtracting the work-in-process inventory at the end of the period of $7,250. The income statement shows that for the period ending December 31, 19XX the Ralph Corporation had net income of $30,628. This was calculated by taking net sales of $393,350 and subtracting cost of goods sold of $271,200 and operating expenses of $68,250. The retained earnings statement shows that as of December 31, 19XX

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189 views2 pages

The Ralph Corporation Cost of Goods Manufactured Statement December 31, 19 XX

The Ralph Corporation's cost of goods manufactured statement shows that for the period ending December 31, 19XX the total cost of goods manufactured was $270,800. This was calculated by taking the total cost put into production of $271,150 and subtracting the work-in-process inventory at the end of the period of $7,250. The income statement shows that for the period ending December 31, 19XX the Ralph Corporation had net income of $30,628. This was calculated by taking net sales of $393,350 and subtracting cost of goods sold of $271,200 and operating expenses of $68,250. The retained earnings statement shows that as of December 31, 19XX

Uploaded by

Ashari Psi
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Ralph Corporation

Cost of goods manufactured statement


December 31, 19 XX
Cost put into production during the period:
Direct matrials:
Inventory, January 1
$ 7,650
Purchase direct material ..
$ 83,350
Freight-in .
13,900
Purchase returns and Allowances
(4,150)
93,100
Total materials available
$ 100,750
Inventory, December 31
(8,050)
Direct material used ...
$ 92,700
Direct labor
117,700
Factory overhead ...
60,750
Total cost put into production ...
$ 271,150
Plus : Work-in-process inventory, January 1
6,900
Cost of goods in process during the year ..
$ 278,050
Less : Work-in-process inventory, December 31 .. (7,250)
Cost of goods manufactured .
$ 270,800

The Ralph Corporation


Income Statement
December 31, 19 XX
Sales .. $ 396 200
Sales returns and allowance ..
(2,850)
Net sales
Cost of goods sold:
Finished goods inventory, January 1 .... $ 3,750
Plus : cost of goods manufactured
270,800
Goods available for sale $ 274,550
Less : Finished goods inventoy, December 31 .
(3,350)
Cost of goods sold
Gross profit ...
Less : Selling and administrative expense :
Selling expense . $ 36,200
General and administrative expense .
32,050
Income from operation ...
Nonoperation expenses :
Income tax expense ....
Net income .

$ 393,350

(271,200)
$ 122,150

(68,250)
$ 53,900
(23,272)
$ 30,628

The Ralph Corporation


Retained Earnings Statement
December 31, 19 XX
Retained earnings, January 1 .......
Plus : Net Income .
Subtotal
Less : Dividens .
Retained earnings, December 31 ..

$ 22,350
30,628
$ 52,978
(11,000)
$ 41,978

The Ralph Corporation


Balance Sheet
December 31, 19 XX
Assets
Current :
Cash $ 20,350
Account payable .
29,600
Allowance for uncollectibles ..
(1,450)
Prepaid expense ..
1,600
Direct materials inventory ..
8,050
Work-in-process inventory .
7,250
Finished goods inventory ...
3,350
Total curren assets ..
$ 68,750
Noncurrent :
Factory equipment . $ 121,500
Accumulated depreciation: factory equipment ..
(36,400)
Selling equipment ..
71,150
Accumulated depreciation: Selling equipment ..
(23,700)
Patents ...
7,100
Total noncurrent assets ..$ 139,650
Total assets
$ 208,400
Liability and stockholders equity
Liability :
Account payable ... $ 15,300
Miscellaneous payable ..
2,850
Income taxes payable
23,272
Total liability .
$ 41,422
Stockholdes equity :
Capital stock
$ 100,000
Paid in capital in excess of par
25,000
Retained earnings, December 31 .
41,978
Total Stockholdes equity .. 166,978
Total Liability and stockholders equity $ 208,400

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