Question: This is an individual work. Please submit your answers on Canvas by 11pm, September 15th.
Edmonco, Inc. manufactures briefcases. The following information is available for the company (in millions):
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For Specific Date
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For Year 2014
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Work-in-process inventory, Jan. 1, 2014
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$20
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Plant utilities
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$6
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Direct materials inventory, Dec. 31, 2014
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9
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Indirect manufacturing labor
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25
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Finished goods inventory, Dec. 31, 2014
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10
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Depreciation-plant and equipment
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8
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Accounts payable, Dec. 31, 2014
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28
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Revenues
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360
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Accounts receivable, Jan. 1, 2014
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57
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Miscellaneous manufacturing overhead
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17
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Work-in-process inventory, Dec. 31, 2014
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5
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Marketing, distribution, and customer-service costs
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70
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Finished goods inventory, Jan. 1, 2014
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43
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Direct materials purchased
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82
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Accounts receivable, Dec. 31, 2014
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30
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Direct manufacturing labor
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41
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Accounts payable, Jan. 1, 2014
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40
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Plant supplies used
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5
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Direct materials inventory, Jan. 1, 2014
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39
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Property taxes on plant
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3
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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