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    CGS Schedule

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    MariaCarlaMañago
    The summary provides the key figures and information from the pro-forma income statement and cost of goods sold schedule for Bazinga Manufacturing Corporation for the year ended December 31, 2017. It shows sales of P3.975 million, cost of goods sold of P2.65 million, and net income of P56,000. The cost of goods sold schedule details the costs associated with raw materials, direct labor, factory overhead and production in order to determine the cost of goods sold.

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    CGS Schedule

    Uploaded by

    MariaCarlaMañago
    68 views6 pages
    The summary provides the key figures and information from the pro-forma income statement and cost of goods sold schedule for Bazinga Manufacturing Corporation for the year ended December 31, 2017. It shows sales of P3.975 million, cost of goods sold of P2.65 million, and net income of P56,000. The cost of goods sold schedule details the costs associated with raw materials, direct labor, factory overhead and production in order to determine the cost of goods sold.

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    Cost of Goods Sold schedule

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    The summary provides the key figures and information from the pro-forma income statement and cost of goods sold schedule for Bazinga Manufacturing Corporation for the year ended December 31, 2017. It shows sales of P3.975 million, cost of goods sold of P2.65 million, and net income of P56,000. The cost of goods sold schedule details the costs associated with raw materials, direct labor, factory overhead and production in order to determine the cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    68 views6 pages

    CGS Schedule

    Uploaded by

    MariaCarlaMañago
    The summary provides the key figures and information from the pro-forma income statement and cost of goods sold schedule for Bazinga Manufacturing Corporation for the year ended December 31, 2017. It shows sales of P3.975 million, cost of goods sold of P2.65 million, and net income of P56,000. The cost of goods sold schedule details the costs associated with raw materials, direct labor, factory overhead and production in order to determine the cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    Pro-forma Income Statement Pro-forma Cost of Goods Sold Schedule

    ___________ Company COST OF GOODS SOLD SCHEDULE


    INCOME STATEMENT
    For the year ended December 31, 2017 Beginning raw materials P xxx
    Net purchases
    Sales P xxx Purchases P xxx
    Cost of goods sold xxx Purchase returns and (xx)
    Gross profit xxx allowances
    Other income xxx Purchase discounts (xx)
    Total income P xxx Freight-in xxx xxx
    Expenses: Raw materials available for use P xxx
    Distribution costs P xxx Ending raw materials (xx)
    Administrative expenses xxx Raw materials used P xxx
    Other expenses xxx Direct labor xxx
    Finance cost xxx (xx) Factory overhead xxx
    Income before tax P xxx Total manufacturing cost P xxx
    Income tax expense (xx) Beginning goods in process xxx
    Net income P xxx Total cost of goods sold in process P xxx
    Ending goods in process (xx)
    Cost of goods manufactured P xxx
    Ending finished goods (xx)
    Cost of goods sold P xxx
    A Company COST OF GOODS SOLD SCHEDULE
    INCOME STATEMENT
    For the year ended December 31, 2017 Beginning raw materials P 25,000
    Net purchases
    Sales (53,000 units @ P75) P 3,975,000 Purchases P 1,500,000
    Cost of goods sold (53,000 units 2,650,000 Purchase returns and (10,000)
    @ P50) allowances
    Gross profit P 1,325,000 Purchase discounts (15,000)
    Other income 10,000 Freight-in 30,000 1,505,000
    Total income P 1,335,000 Raw materials available for use P 1,530,000
    Expenses: Ending raw materials (30,000)
    Distribution costs P 250,000 Raw materials used P 1,500,000
    Administrative expenses 900,000 Direct labor 1,000,000
    Other expenses 5,000 Factory overhead 500,000
    Finance cost 100,000 (1,255,000) Total manufacturing cost P 3,000,000
    Income before tax P 80,000 Beginning goods in process 250,000
    Income tax expense (24,000) Total cost of goods sold in process P 3,250,000
    Net income P 56,000 Ending goods in process (300,000)
    Cost of goods manufactured P 2,950,000
    Ending finished goods (300,000)
    Cost of goods sold P 2,650,000
    Names: ____________________________________________________________________________
    ____________________________________________________________________________

    FUNDAMENTALS OF FINANCIAL REPORTING


    Income Statement

    Directions: The following tables present a business’ Schedule of Cost of Goods Sold and Income Statement.
    Supply the figures and/or account titles required as indicated by the underlines. Observe the proper
    alignment of digits, use of Peso sign, and single or double ruling.

    SCHEDULE OF COST OF GOODS SOLD

    Beginning raw materials ₱15,000


    Net purchases
    Purchases ₱1,255,000
    Purchase returns and allowances 90,000
    Purchase discounts (2% of purchases) (1) ____________
    Freight-in 30,000 (2) _ _ __________
    Raw materials available for use (3)_______________
    Ending raw materials 212,265
    Raw materials used (4)_______________
    Direct labor 1,200,000
    Factory overhead 600,000
    (5) ______________________________ (6)_______________
    Beginning goods in process 150,000
    Total cost of goods sold in process (7)_______________
    Ending goods in process 190,000
    (8) ______________________________ (9)_______________
    Beginning finished goods 450,000
    (10) ______________________________ (11)______________
    Ending finished goods 500,000
    (12) ______________________________ (13)______________
    (14)____________________________________________
    _______________________________________________
    _______________________________________________

    Sales (60,000 units @ P100) (15) _____________________

    (16) _____________________________ (13)_____________________

    Gross profit (17)_____________________

    Other income 25,000

    Total income ₱3,342,365.00

    Expenses:

    Distribution costs ₱500,000.00

    Administrative expenses 1,100,000.00

    Other expenses 10,000.00

    Finance cost 180,000.00 (18)___________________

    Income before tax ₱1,522,365

    Income tax expense (30%) (19)___________________

    (20) _____________________________ P 1,086,655.50


    Name of organization: Bazinga Manufacturing Corporation
    Period ended: December 31, 2017

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