Waterways Corporation Cost of Goods Manufacture Schedule for the Month of November |
|
| Raw Materials Inventory, October 31 |
38,000 |
| Add: Purchases of raw materials |
184,500 |
| Less: Raw Materials Inventory, November 30 |
52,700 |
| Direct materials used in production |
169,800 |
| Direct labor |
42,000 |
| Add: Manufacturing overhead | |
| Indirect Labor |
48,000 |
| Factory Supplies Used |
16,800 |
| Factory Utilities |
10,200 |
| Depreciation – Factory Equipment |
16,800 |
| Depreciation – Office Equipment |
2,400 |
| Rent – Factory Equipment |
47,000 |
| Repairs - Factory Equipment |
4,500 |
| Total manufacturing overhead |
50700 |
| Total manufacturing costs |
262,500 |
| Add: Work in Process Inventory, October 31 |
52,700 |
| Less: Work in Process Inventory, November 30 |
42,000 |
| Cost of Goods Manufactured |
273,200 |
| Add: Finished Goods Inventory, October 31 |
72,550 |
| Less: Finished Goods Inventory, November 30 |
68,800 |
| Cost of goods sold |
276,950 |
Income Statement
Waterways Corporation Income Statement for the Month of November |
|
| Sales Revenue |
1,350,000 |
| Cost of goods sold |
276,950 |
| Gross profit |
1,073,050 |
| Advertising Expenses |
54,000 |
| Other Administrative Expenses |
72,000 |
| Salaries |
325,000 |
| Sales Commissions |
40,500 |
| Total operating costs |
419,500 |
| Operating income |
653,550 |
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Balance Sheet
Waterways Corporation Balance Sheet for the Month of November |
|
| ASSETS | |
| Current assets | |
| Accounts Receivable |
$275,000 |
| Cash |
260,000 |
| Prepaid Expenses |
41,250 |
| Finished Goods Inventory, November 30 |
68,800 |
| Work in Process Inventory, November 30 |
42,000 |
| Raw Materials Inventory, November 30 |
52,700 |
| Total current assets |
687,050 |
