Please explain each formulas to fill in the blanks Required

Please explain each formulas to fill in the blanks

Required Complete the yellow cells with the appropriate algebra 12/31/2017 12/31/2016 $72,059 $101,968 $49,240 $124,787 12/31/2018 $63,210 $102,185 Beginning direct materials Purchase of direct materials Ending direct materials Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Cost of goods sold Net Sales Selling and Administrative Expenses Net Income $91,551 $63,210 $28,341 $221,044 $239,678 $176,790 $514,837 $39,956 $168,539 $430,618 $51,118 $33,862 $530,878 $52,853 $39,956 $499,111 $57,697 $54,877 $513,977 $743,498 $190,025 $57,697 $436,581 $687,677 $181,593 55,597 $66,752

Solution

Statement of Cost of Goods Manufactured 31-Dec-16 31-Dec-17 31-Dec-18 Direct Material Beginning Direct Material                               72,059.00                                   49,240.00                                   63,210.00 Material Purchased                             101,968.00                                   91,551.00                                 102,185.00 $174,027 - $72,059 Total Direct Material Available for Prouction                             174,027.00                                140,791.00                                 165,395.00 ($124,787 + $49240) ($49,240 + $91,551) ($63,210 + $102,185) Less: Ending Direct Materials                             (49,240.00)                                (63,210.00)                                 (67,026.00) ($165,395 - $98,369) Cost of Direct Materials Used in Productions                                                124,787.00                                             77,581.00                                                       98,369.00 $140,791 - $63,210 ($514,8347 - ($239,678 + $176,790) Direct Labor                                                220,476.00                                          221,044.00                                                    239,678.00 $513,592 - ($124,787 + $168,359) Manufacturing Overhead                                                168,359.00                                          131,993.00                                                    176,790.00 $430,618 - ($77,581 + $221,044) Total Manufacturing Costs                                                513,622.00                                          430,618.00                                                    514,837.00 $530,878 +33,862 - $51,118 Add: Beginning WIP Inventory                                                   51,118.00                                             33,862.00                                                       39,956.00 Less: Ending WIP Inventory                                                (33,862.00)                                          (39,956.00) Cost of Goods Manufactured                                                530,878.00                                          424,524.00                                                    499,111.00 Statement of Cost of Goods Sold 12/31/2016 12/31/2017 12/31/2018 Finished Goods Inventory, Beginning                               52,853.00                                                   69,754.00                                   57,697.00 Cost of Goods Manufactured                             530,878.00                                                424,524.00                                499,111.00 Cost of Goods Available for Sale                             583,731.00                                                494,278.00                                556,808.00 ($57,697 + $499,111) Less: Finished Goods Inventory, May 31                             (69,754.00)                                                (57,697.00)                                (54,877.00) ($583,731 - $513,977) Cost of Goods Sold                             513,977.00                                                436,581.00                                501,931.00 Income Statement 12/31/2016 12/31/2017 12/31/2018 Sales                             743,498.00                                                687,677.00                                739,121.00 ($501,931 + $237,190) Less: Cost of Goods Sold                           (513,977.00)                                              (436,581.00)                              (501,931.00) Gross Profit                             229,521.00                                                251,096.00                                237,190.00 ($181,593 + $55,597) Less: Selling & Administrative Expenses                           (190,025.00)                                              (184,344.00)                              (181,593.00) ($251,096 - $66,752) Net Income                               39,496.00                                                   66,752.00                                   55,597.00