Nish Corporation has provided the following data for the month of April: Sales $220,000
Raw materials purchases $50,000
Direct labor cost $23,000
Manufacturing overhead cost $59,000
Selling expense $18,000
Administrative expense $43,000
Inventories: Beginning Ending
Raw materials $26,000 $35,000
Work in process $18,000 $22,000
Finished goods $42,000 $29,000
Required:
Prepare a Schedule of Cost of Goods Manufactured in good form for April.
Prepare an Income Statement in good form for April.

Required 1

Schedule of Cost of Goods Manufactured

Raw Materials Cost                                               $41,000

Direct labor cost                                                   $23,000

Manufacturing overhead cost                             $59,000

Add Opening Work in process Inventory            $18,000

Less Closing Work in process Inventory           ($22,000)

Cost of Goods Manufactured                             $119,000

Required 2

Income Statement  for April.

Sales                                                                   $220,000

Less Cost of Goods Sold                                  ($132,000)

Gross Profit                                                          $88,000

Less Expenses

Selling expense                           ($18,000 )

Administrative expense              ($43,000)       ($61,000)

Net Income / (Loss)                                              $27,000

Explanation:

Determination of Raw Materials Cost in Production

Raw Materials T - Account

Debit :

Beginning Balance                                      $26,000

Raw materials purchases                            $50,000

Totals                                                            $76,000

Credit :

Ending Balance                                           $35,000

Work In Process (Balancing figure)             $41,000

Totals                                                            $76,000    

Determination of Cost of Goods Sold

Finished Goods Inventory T - Account

Debit :

Beginning  Finished goods Inventory                $42,000

Cost of Goods Manufactured                             $119,000

Totals                                                                    $161,000

Credit:

Ending Finished goods Inventory                      $29,000

Trading Account (Balancing figure)                   $132,000

Totals                                                                    $161,000

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