Consicer the folowing account balances (in thousands) for the Bonesch Company 1.
ID: 2330487 • Letter: C
Question
Consicer the folowing account balances (in thousands) for the Bonesch Company 1. Prepaire a schedula for the cost or gcods manufactured for 2017 2. Revenues for 2017 were £255 million. Prepare the income satement for 2017. Total manufactuning costs to account for Cest at Requirement 2. Rovcrucs for 2017 wcrc S265 millon moparc the income satrmonttor 2017 (USC parenthescs or a minus sign for opcrating osses Data Table Benesch Company Income Statement For the Year Ended December 31, 2017 (in thousands) Baginning of End of Benesch Company Drect materials nentory Work-n-process invanary Finithed goods inventory Furchascs of dircct matcrials Drect manufacturing lator Indrect manufacturing labor Plant insurance Depreclaton-plant, building and cquipmen Repars and maintenance plan Markcting, cistrbution, and cusiomer-service costs General and adiminstralive cosls 2017 2017 28,000 0,000 23,000 21,000 29.000 27,000 12.000 0,000 16,000 3,000 Cost orgcods sold Operazing costs: 34,000 Total opcrating cost5 Operazing incomemoss) Print Done hoose trom any list or enter any number in the input tialds and then contnue to the next questonExplanation / Answer
Schedule Cost of Goods Manufactured Direct materials: Beginning inventory, Jan. 1, 2017 21000 Purchase cost of direct materials 75000 Cost of direct materials available for use 96000 Ending inventory, Dec. 31, 2017 28000 Direct materials used 68000 Direct manufacturing labor 27000 Indirect manufacturing costs: Indirect manufacturing labor 12000 Plant insurance 8000 Depreciation - plant, building, and equipment 16000 Repairs and maintenance - plant 3000 Total indirect manufacturing costs 39000 Manufacturing costs incurred during 2017 134000 Beginning work-in-process inventory, Jan 1, 2017 29000 Total manufacturing costs to account for 163000 Ending work-in-process inventory, Dec 31 2017 20000 Cost of goods manufactured 143000 Incoms Statement Revenues 265000 Cost of goods sold: Beginning finished goods, Jan. 1, 2017 15000 Cost of goods manufactured 143000 Cost of goods available for sale 158000 Ending finished goods, Dec. 31 2017 23000 Cost of goods sold 135000 Gross margin 130000 Operating costs: Marketing, distribution, and customer-service costs 105000 General and administrative costs 34000 Total operating costs 139000 Operating income/(loss) -9000