1. Business
  2. Accounting
  3. prepare the income statement for golden bay company for the...

Question: prepare the income statement for golden bay company for the...

Question details

Prepare the income statement for Golden Bay Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 39,000 units of its product at a price of $15 each during the year. (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold) Golden Bay Company Income Statement For Current Year Less: Less:Data Table Beginning End of End of Year .$ 7,500 $13,100 of Year Year Raw materials inventory . .......$ 25,000$ Work in process inventory..... . $42,000 $ 33,000 Insurance on plant... . . . . . . 36,000 Depreciation-plant building and equipment Finished goods inventory . $ 21,000 $ 28,000 Repairs and maintenance-plant Purchases of direct materials. $ 79,000 Marketing expenses Indirect labor $ 46,000 Print DoneGolden Bay Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory 42,000 Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead 71,000 84,000 71,000 268,000 36,000 $ 232,000 Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured (CGM)Golden Bay Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold 21,000 232,000 253,000 28,000 $ 225,000

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution