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IS and CGS Report

The document provides accounting information for Clear & Clean Manufacturing Corporation for the year ended December 31, 2020. It includes accounts for expenses, inventory, purchases, and sales. From this information, schedules of cost of goods manufactured and a statement of income were prepared showing the costs to produce goods, gross profit, operating expenses and net profit for the period.

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ロザリーロザレス ロザリー・マキル
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92 views

IS and CGS Report

The document provides accounting information for Clear & Clean Manufacturing Corporation for the year ended December 31, 2020. It includes accounts for expenses, inventory, purchases, and sales. From this information, schedules of cost of goods manufactured and a statement of income were prepared showing the costs to produce goods, gross profit, operating expenses and net profit for the period.

Uploaded by

ロザリーロザレス ロザリー・マキル
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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The following information has been taken from the ledger accounts of Clear & Clean Manufacturing Corporation

Administrative Expenses 270,000


Depreciation, factory 162,000
Finished Goods inventory, Dec. 31 210,000
Finished Goods inventory, Jan. 1 260,000
Insurance, Factory 40,000
Labor Costs 450,000
Maintenance, factory 87,000
Purchases of raw materials 800,000
Raw Materials Inventory, Dec. 31 60,000
Raw Materials Inventory, Jan. 1 90,000
Sales 2,500,000
Selling Expenses 140,000
Supplies used, factory 15,000
Utilities, factory 36,000
Work In Process inventory, Dec. 31 100,000
Work In Process inventory, Jan. 1 180,000

Required
1 Prepare a Schedule of Cost of Goods Manufactured
2 Prepare a Statement of Income
Clear & Clean Manufacturing Corporation
Schedule of Cost of Goods Manfactured
For the year ended December 31, 2020

Direct Materials
Materials Inventory, beginning Php 90,000
Purchases 800,000
Add: Freight In -
800,000
Less: Purchase Returns and Allowances - 800,000
Materials Available for Use 890,000
Less: Materials Inventory, end 60,000
Indirect Materials Used - 60,000
Direct Labor
Factory Overhead
Manufacturing Cost
Add: Work in Process, beg
Total Cost of Goods placed in process
Less: Work in Process, end
Cost of Goods Manufactured
Given:

Administrative Expenses 270,000


Depreciation, factory 162,000
Finished Goods inventory, Dec. 31 210,000
Finished Goods inventory, Jan. 1 260,000
Insurance, Factory 40,000
Labor Costs 450,000
Maintenance, factory 87,000
Purchases of raw materials 800,000
Raw Materials Inventory, Dec. 31 60,000
830,000 Raw Materials Inventory, Jan. 1 90,000 340,000
450,000 Sales 2,500,000
340,000 Selling Expenses 140,000
1,620,000 Supplies used, factory 15,000
180,000 Utilities, factory 36,000
1,800,000 Work In Process inventory, Dec. 31 100,000
100,000 Work In Process inventory, Jan. 1 180,000
1,700,000
FO
Clear & Clean Manufacturing Corporation
Income Statement
For the year ended December 31, 2020

Gross Sales 2,500,000


Less: Sales returns and allowances -
Sales discounts - -
Net Sales 2,500,000
Cost of Goods Sold
Finished Goods inventory, Jan. 1 260,000
Add: Cost of Goods Manufactured 1,700,000
Goods Available for sale 1,960,000
Less: Finished Goods Inventory, Dec. 31 210,000 1,750,000
Gross Profit 750,000
Less: Operating Expenses
Administrative Expenses 270,000
Selling Expenses 140,000 410,000
Net Profit 340,000
Given:

Administrative Expenses 270,000


Depreciation, factory 162,000
Finished Goods inventory, Dec. 31 210,000
Finished Goods inventory, Jan. 1 260,000
Insurance, Factory 40,000
Labor Costs 450,000
Maintenance, factory 87,000
Purchases of raw materials 800,000
Raw Materials Inventory, Dec. 31 60,000
Raw Materials Inventory, Jan. 1 90,000
Sales 2,500,000
Selling Expenses 140,000
Supplies used, factory 15,000
Utilities, factory 36,000
Work In Process inventory, Dec. 31 100,000
Work In Process inventory, Jan. 1 180,000

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