The following data were taken from the records of Marigold C

The following data were taken from the records of Marigold Company for the fiscal year ended June 30, 2017.

Raw Material Inventory 7/1/16		$58,100		Factory Insurance		$4,800
Raw Material Inventory 6/30/17		46,600		Factory Machinery Depreciation		17,100
Finished Goods Inventory 7/1/16		99,700		Factory Utilities		29,400
Finished Goods Inventory 6/30/17		21,900		Office Utilities Expense		9,350
Work in Process Inventory 7/1/16		21,200		Sales Revenue		560,500
Work in Process Inventory 6/30/17		29,400		Sales Discounts		4,700
Direct Labor		147,550		Plant Manager’s Salary		63,400
Indirect Labor		25,360		Factory Property Taxes		9,910
Accounts Receivable		28,000		Factory Repairs		2,500
				Raw Material Purchases		97,300
				Cash		39,200

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) MARIGOLD COMPANY Cost of Goods Manufactured Schedule or the Year Ended June 30, 201 ork in Process, July 1, 2016 120 irect Material w Materials Inventory, July 1, 201 6 E8100 w Materials Purchase 730 otal Raw Materials Available for 5540 June 30 2012 a4660 w Materials Invent rect Materials Use rect Labo anufacturing Overhea ant Manager\'s Salar 0880 4755 340 536 940 710 80 ndirect Lab actory Utilitie Machinery Depreciation actory Insuranc actory Property Taxe 50 otal Manufacturing Overhea otal Manufacturing Co otal Cost of Work in Process Inventor 5247 0882 3002 29400 ork in Process, June 30, 2017 300520 ost of Goods Manufacture Attempts: 4 of 5 used

Solution

MARIGOLD COMPANY

(Partial) Income Statement

For the year ended June 30, 2017

Sales Revenue

560,500

Less : Sales Discount

(4,700)

Net Sales

555,800

Cost of goods sold

Finished Goods Inventory 7/1/16    

99,700

Cost of goods Manufactured

400,620

Cost of goods available for sale

500,320

Less : Finished Goods Inventory 6/30/17  

(21,900)

Cost of goods sold

478,420

Gross Profit

77,380

MARIGOLD COMPANY
(Partial) Income Statement
For the year ended June 30, 2017
Sales Revenue	560,500
Less : Sales Discount	(4,700)
Net Sales		555,800
Cost of goods sold
Finished Goods Inventory 7/1/16	99,700
Cost of goods Manufactured	400,620
Cost of goods available for sale	500,320
Less : Finished Goods Inventory 6/30/17	(21,900)
Cost of goods sold		478,420
Gross Profit		77,380