2-34 Income statement and schedule of cost of goods

2-34 Income statement and schedule of cost of goods

2-34
Income statement and schedule of cost of goods manufactured. The Bowell Corporation has the following account balances (in millions):
For Specific Date For Year 2014
Direct materials inventory, Jan 1, 2014
$ 15
Purchases of direct materials
$ 325
Work-in process inventory Jan 1, 2014
10
Direct manufacturing labor
100
Finished goods inventory, Jan. 1, 2014
70
Depreciation–Plant and equipment
80
Direct materials inventory, Dec. 31, 2014
20
Plant supervisory salaries
5
Work-in process inventory Dec. 31, 2014
5
Miscellaneous plant overhead
35
Finished goods inventory, Dec. 31, 2014
55
Revenues
950
Marketing, distribution and customer-
240
service costs
Plant supplies used
10
Plant utilities
30
Indirect manufacturing labor
60
 

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