Response to the following problem:
Edmonco, Inc. manufactures briefcases. The following information is available for the company (in millions):
|
For Specific Date
|
For Year 2014
|
|
Work-in-process inventory, Jan. 1, 2014
|
$20
|
Plant utilities
|
$6
|
|
Direct materials inventory, Dec. 31, 2014
|
9
|
Indirect manufacturing labor
|
25
|
|
Finished goods inventory, Dec. 31, 2014
|
10
|
Depreciation-plant and equipment
|
8
|
|
Accounts payable, Dec. 31, 2014
|
28
|
Revenues
|
360
|
|
Accounts receivable, Jan. 1, 2014
|
57
|
Miscellaneous manufacturing overhead
|
17
|
|
Work-in-process inventory, Dec. 31, 2014
|
5
|
Marketing, distribution, and
customer-service costs
|
70
|
|
Finished goods inventory, Jan. 1, 2014
|
43
|
Direct materials purchased
|
82
|
|
Accounts receivable, Dec. 31, 2014
|
30
|
Direct manufacturing labor
|
41
|
|
Accounts payable, Jan. 1, 2014
|
40
|
Plant supplies used
|
5
|
|
Direct materials inventory, Jan. 1, 2014
|
39
|
Property taxes on plant
|
3
|
Required:
1. Prepare a schedule of cost of goods manufactured .
2. Prepare an income statement.
3. Calculate total prime costs.
4. Calculate total conversion costs.
5. Calculate total inventoriable costs.