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Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income June 30, 2024 $ 118,000 X X X 94,000 X $X 227,000 283,000 157,000 SX Beginning. Direct Direct Direct Beginning Direct Materials Purchases of Direct Materials Total Total Ending Ending Direct Materials Manufacturing Overhead Costs Costs June 30, 2024 bil. 59,000 79,000 (29,000) SX X 41,000 $ 30,000 164,000 X (24,000) $X

Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income June 30, 2024 $ 118,000 X X X 94,000 X $X 227,000 283,000 157,000 SX Beginning. Direct Direct Direct Beginning Direct Materials Purchases of Direct Materials Total Total Ending Ending Direct Materials Manufacturing Overhead Costs Costs June 30, 2024 bil. 59,000 79,000 (29,000) SX X 41,000 $ 30,000 164,000 X (24,000) $X

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 5PB: Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating,...
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Certain item, descriptions and amounts are missing from the monthly schedule of cost of goods, manufactured, and income statement of Weber manufacturing company. Fill in the blanks with the missing words, a replace the X’s with the correct amounts
Data table Webber Manufacturing Company Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income Print June 30, 2024 $ 118,000 X Done X X 94,000 X $X 227,000 283,000 157,000 $X - X Data table Beginning Direct Direct Direct Total Total Ending Webber Manufacturing Company Beginning Direct Materials Purchases of Direct Materials Manufacturing Overhead Costs Costs Ending Direct Materials Print June 30, 2024 $X 59,000 79,000 (29,000) Done $X X 41,000 $ 30,000 164,000 X (24,000) $X
Transcribed Image Text:Data table Webber Manufacturing Company Net Sales Revenue Cost of Goods Sold: Beginning Cost of Goods Ending Cost of Goods Sold Gross Profit Total Expenses: Selling Expenses Administrative Expenses Income Print June 30, 2024 $ 118,000 X Done X X 94,000 X $X 227,000 283,000 157,000 $X - X Data table Beginning Direct Direct Direct Total Total Ending Webber Manufacturing Company Beginning Direct Materials Purchases of Direct Materials Manufacturing Overhead Costs Costs Ending Direct Materials Print June 30, 2024 $X 59,000 79,000 (29,000) Done $X X 41,000 $ 30,000 164,000 X (24,000) $X
Expert Solution
Step 1

Cost of goods manufactured:

It is the expenses incurred by a manufacturing concern in order to produce the finished product .Cost of goods manufactured includes direct materials,direct labor and manufacturing overhead.

Income statement :

Income statement of a manufacturing concern displays gross income and  operating income.Gross profit is the difference between sales and cost of goods sold. 

Operating income  =Gross profit -Operating expenses

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