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    Niro Madlus
    Godofredo Cadelina Corporation's statement of comprehensive income for the year ended December 31, 2023 shows sales of $1,630,000 and cost of goods sold of $1,116,500. Cost of goods sold includes direct materials used of $295,000, direct labor of $250,000, and factory overhead of $570,000. Gross profit was $513,500 and operating expenses totaled $380,000, resulting in a profit of $133,500.

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    Manu Practice

    Uploaded by

    Niro Madlus
    24 views2 pages
    Godofredo Cadelina Corporation's statement of comprehensive income for the year ended December 31, 2023 shows sales of $1,630,000 and cost of goods sold of $1,116,500. Cost of goods sold includes direct materials used of $295,000, direct labor of $250,000, and factory overhead of $570,000. Gross profit was $513,500 and operating expenses totaled $380,000, resulting in a profit of $133,500.

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    Godofredo Cadelina Corporation's statement of comprehensive income for the year ended December 31, 2023 shows sales of $1,630,000 and cost of goods sold of $1,116,500. Cost of goods sold includes direct materials used of $295,000, direct labor of $250,000, and factory overhead of $570,000. Gross profit was $513,500 and operating expenses totaled $380,000, resulting in a profit of $133,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    24 views2 pages

    Manu Practice

    Uploaded by

    Niro Madlus
    Godofredo Cadelina Corporation's statement of comprehensive income for the year ended December 31, 2023 shows sales of $1,630,000 and cost of goods sold of $1,116,500. Cost of goods sold includes direct materials used of $295,000, direct labor of $250,000, and factory overhead of $570,000. Gross profit was $513,500 and operating expenses totaled $380,000, resulting in a profit of $133,500.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Godofredo Cadelina Corporation

    Statement of Comprehensive Income


    For the Year Ended Dec. 31, 2023
    Sales
    Cost of Goods Sold
    Direct Materials Used 295,000.00
    Raw Materials Inventory Beginning (Dec 31, 2022) 60,000.00
    Add: Purchases — Raw Materials 313,000.00
    Total Available for Use 373,000.00
    Less: Raw Materials Invenory End (Dec. 31, 2023) 78,000.00
    Direct Labor 250,000.00
    Factory Overhead 570,000.00
    Amortization of Patents 16,000.00
    Depreciation Expense—Factory Building 133,000.00
    Depreciation Expense—Factory Equipment 78,000.00
    Factory insurance Expense 62,000.00
    Factory Supervision 74,000.00
    Factory Supplies Expense 21,000.00
    Factory Utilities 115,000.00
    Indirect Labor 26,000.00
    Property Taxes—Factory Site 14,000.00
    Repairs and Maintenance—Factory Equipment 31,000.00
    Total Manufacturing Costs 1,115,000.00
    Add: Work In Process Beginning (Dec. 31, 2022) 8,000.00
    Cost of Goods Put Into Process 1,123,000.00
    Less: Work In Process End (Dec. 31, 2023) 9,000.00
    Cost of Goods Manufactured 1,114,000.00
    Add: Finished Goods Inventory Beginning (Dec. 31, 2023) 15,000.00
    Total Goods Available for Sale 1,129,000.00
    Less: Finished Goods End (Dec. 31, 2023) 12,500.00
    Gross Profit
    Less: Operating Expenses
    Advertising Expense
    Uncollectible Accounts Expense
    Deprecation Expense—Office Equipment
    Interest Expense
    Miscellaneous Expenses
    Salaries Expense
    Profit/Loss
    n
    ome
    23
    1,630,000.00
    1,116,500.00
    295,000.00

    250,000.00
    570,000.00

    1,115,000.00
    8,000.00
    1,123,000.00
    9,000.00
    1,114,000.00
    15,000.00
    1,129,000.00
    12,500.00
    513,500.00

    85,000.00
    28,000.00
    37,000.00
    25,000.00
    55,000.00
    150,000.00 380,000.00
    133,500.00

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