January 1 2017 2017 December 31 2017 Compute cost of goods m

January 1, 2017

2017

December 31, 2017

Compute cost of goods manufactured.

Aikman Company
Cost of Goods Manufactured Schedule

Prepare an income statement through gross profit.

AIKMAN COMPANY
Income Statement (Partial)

Show the presentation of the ending inventories on the December 31, 2017, balance sheet.

AIKMAN COMPANY
(Partial) Balance Sheet

The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,240 $32,930 Work in process inventory 16,990 18,070 Finished goods inventory 30,180 24,300 Materials purchased $154,190 Direct labor 224,280 Manufacturing overhead 184,560 Sales revenue 903,230

Solution

(a) Compute cost of goods manufactured

(b) Prepare an income statement through gross profit

(c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet.