University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.

Overview

  

University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.

  

(a)

Cost of goods manufactured schedule.

 

(b)

Income statement.

 

(c)

Balance sheet.

The following items are found in its ledger and accompanying data.

For each item, indicate the schedule and/or financial statement(s) in which the item will appear.

  

1.

Direct labor

Balance   SheetCost of Goods Manufactured Schedule and Balance SheetIncome Statement   and Balance SheetCost of Goods Manufactured ScheduleCost of Goods   Manufactured Schedule and Income StatementIncome Statement

 

2.

Raw materials inventory, 1/1

Income   Statement and Balance SheetBalance SheetCost of Goods Manufactured ScheduleCost   of Goods Manufactured Schedule and Balance SheetCost of Goods Manufactured   Schedule and Income StatementIncome Statement

 

3.

Work in process inventory, 12/31

Cost of Goods   Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost   of Goods Manufactured Schedule and Income StatementCost of Goods Manufactured   ScheduleIncome StatementBalance Sheet

 

4.

Finished goods inventory, 1/1

Income   Statement and Balance SheetCost of Goods Manufactured Schedule and Balance   SheetCost of Goods Manufactured ScheduleCost of Goods Manufactured Schedule   and Income StatementBalance SheetIncome Statement

 

5.

Indirect labor

Cost of Goods   Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule   and Balance SheetCost of Goods Manufactured ScheduleIncome Statement and   Balance SheetIncome StatementBalance Sheet

 

6.

Depreciation on factory machinery

Balance   SheetIncome StatementCost of Goods Manufactured Schedule and Balance   SheetIncome Statement and Balance SheetCost of Goods Manufactured Schedule   and Income StatementCost of Goods Manufactured Schedule

 

7.

Work in process, 1/1

Income   Statement and Balance SheetCost of Goods Manufactured Schedule and Income   StatementCost of Goods Manufactured Schedule and Balance SheetIncome   StatementCost of Goods Manufactured ScheduleBalance Sheet

 

8.

Finished goods inventory, 12/31

Income   StatementCost of Goods Manufactured Schedule and Balance SheetIncome   Statement and Balance SheetCost of Goods Manufactured Schedule and Income   StatementCost of Goods Manufactured ScheduleBalance Sheet

 

9.

Factory maintenance salaries

Cost of Goods   Manufactured Schedule and Income StatementBalance SheetCost of Goods   Manufactured ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome   StatementIncome Statement and Balance Sheet

 

10.

Cost of goods manufactured

Cost of Goods   Manufactured Schedule and Income StatementCost of Goods Manufactured Schedule   and Balance SheetCost of Goods Manufactured ScheduleBalance SheetIncome Statement   and Balance SheetIncome Statement

 

11.

Depreciation on delivery equipment

Cost of Goods   Manufactured Schedule and Balance SheetCost of Goods Manufactured   ScheduleIncome StatementBalance SheetIncome Statement and Balance SheetCost   of Goods Manufactured Schedule and Income Statement

 

12.

Cost of goods available for sale

Income   Statement and Balance SheetCost of Goods Manufactured Schedule and Income   StatementCost of Goods Manufactured ScheduleIncome StatementCost of Goods   Manufactured Schedule and Balance SheetBalance Sheet

 

13.

Direct materials used

Cost of Goods   Manufactured ScheduleIncome StatementCost of Goods Manufactured Schedule and   Income StatementBalance SheetCost of Goods Manufactured Schedule and Balance   SheetIncome Statement and Balance Sheet

 

14.

Heat and electricity for factory

Balance   SheetCost of Goods Manufactured ScheduleIncome StatementCost of Goods   Manufactured Schedule and Balance SheetIncome Statement and Balance SheetCost   of Goods Manufactured Schedule and Income Statement

 

15.

Repairs to roof of factory building

Cost of Goods   Manufactured Schedule and Balance SheetCost of Goods Manufactured Schedule   and Income StatementCost of Goods Manufactured ScheduleIncome   StatementBalance SheetIncome Statement and Balance Sheet

 

16.

Cost of raw materials purchases

Cost of Goods   Manufactured Schedule and Income StatementCost of Goods Manufactured   ScheduleCost of Goods Manufactured Schedule and Balance SheetIncome   StatementBalance SheetIncome Statement and Balance Sheet