Cerain irem descriptions and amouns are missing from the mon

Cerain irem descriptions and amouns are missing from the monti schedule of cost of goods manufactured and income statement of Lisa lanuacring Company. Fill in the missing items MANUFACTURING COMPANY April 30:2009 work in proces inventory 5 15. Direer materials ssed sX 65.000 75,000 (23,000) materials of materials matenials Direct 68,000 Direct Manufacturing overesd Total costs- Total 175,00 work in process inventory 150,000 revenue $450,000 Beginning- Cost of goods Ending 67,000 Cost of goods sold 243,000 expensess Marketing expenses Administrative expenses X. 5 64,000 s 76,000

Solution

LISA MANUFACTURING COMPANY Cost of goods manufactured and Income Statement At the end of April 30, 2009 Particulars $ $ $ Beginning work in process     15,000 Direct material used: Beginning materials inventory     10,000 Purchase of materials     65,000 Direct material available for use     75,000 Ending materials inventory (23,000) Direct materials used     52,000 Direct labor     68,000 Manufacturing overhead     40,000 Total manufacturing costs incurred 160,000 Total manufacturing cost account for 175,000 Less. Ending work in process (25,000) Cost of goods manufactured 150,000 Income statement Sales revenue 450,000 Cost of goods sold, Beginning finished goods inventory 124,000 Cost of goods manufactured 150,000 Cost of goods available for use 274,000 Ending finished goods inventory (67,000) Cost of goods sold 207,000 Gross profit 243,000 Operating expenses Marketing expenses 103,000 Administrative expenses     64,000 167,000 Net income     76,000 Missing Amounts: Beginning Materials Inventory: Materials Available for Use $75,000 Purchases of Materials -65,000 Beginning Materials Inventory $10,000 Direct Materials Used: Materials Available for Use $75,000 Ending Materials Inventory -23,000 Direct Materials Used $52,000 Manufacturing Overhead: Total Manufacturing Costs Incurred During the Month $160,000 Direct Labor -68,000 Direct Materials Used [calculated above] -52,000 Manufacturing Overhead $40,000 Total Manufacturing Costs incurred: Total Manufacturing Costs account for $175,000 Less: Beginning work in process inventory -15,000 Total Manufacturing Costs incurred $160,000 Ending work in process inventory: Total Manufacturing Costs to Account For $175,000 Cost of goods manufactured -150,000 Ending work in process inventory $25,000 Missing Amounts: Cost of Goods Sold: Sales Revenue $450,000 Gross Profit -243,000 Cost of Goods Sold $207,000 Cost of Goods Manufactured:     [From the Schedule of Cost of Goods Manufactured] Cost of Goods Available for Sale: Cost of goods sold $207,000 Ending finished goods inventory 67,000 Cost of Goods Available for Sale $274,000 Beginning Finished Goods Inventory: Cost of Goods Available for Sale [calculated above] $274,000 Cost of goods manufactured -150,000 Beginning Finished Goods Inventory $124,000 Selling Expenses: Total Selling and Administrative Expenses $167,000 Administrative Expenses -64,000 Selling Expenses $103,000 Total Selling and Administrative Expenses: Gross Profit $243,000 Operating Income -76,000 Total Selling and Administrative Expenses $167,000