Income Statement and Schedule of Cost of Goods Manufactured Assignment | Top Universities
February 18th, 2020
income statement and schedule of cost of goods manufactured
The following items (in millions) pertain to Chan Ltd:
| For a specific date | For year 2019 | ||
| Work-in-process inventory, 1 January 2019 | $10 | Plant utilities | $8 |
| Direct materials inventory, 31 December 2019 | 4 | Indirect manufacturing labour | 21 |
| Finished goods inventory, 31 December 2019 | 16 | Depreciation—plant and equipment | 6 |
| Accounts payable, 31 December 2019 | 24 | Revenues | 359 |
| Accounts receivable, 1 January 2019 | 53 | Miscellaneous manufacturing overhead | 15 |
| Work-in-process inventory, 31 December 2019 | 5 | Marketing, distribution and customer service costs | 90 |
| Finished goods inventory, 1 January 2019 | 46 | Direct materials purchased | 88 |
| Accounts receivable, 31 December 2019 | 32 | Direct manufacturing labour | 40 |
| Accounts payable, 1 January 2019 | 45 | Plant supplies used | 9 |
| Direct materials inventory, 1 January 2019 | 34 | Property taxes on plant | 2 |
Chan’s manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labour and manufacturing overhead costs.
Required
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