Question

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

Answer 1

Indicates the schedule or the financial statement in which the following item would appear as follows: SI.No Items Schedule/ Financial statements 1Direct Labor 2 Raw Materials inventory.1/1 a) cost of goods manufactured schedule a) cost of goods manufactured schedule a &c) cost of b) Income Statement a) cost of goods manufactured schedule a) cost of goods manufactured schedule a) cost of goods manufactured schedule b &c)Income Statement, Balance Sheet a) cost of a & b) cost of goods manufactured schedule, Income Statement b) Income Statement b) Income Statement a) cost of goods manufactured schedule a) cost of goods manufactured schedule 12/31 manufactured schedule, Balance Sheet 4 Finished goods Inventory,1/1 5 Indirect Labor 6 Depreciation on Factory Mac 7 WIP inventory ,1/1 8 Finished goods Inventory, 12/31 9 Factory Maintenance Salaries 10 Cost of Goods manufactured 11 Depreciation on Delivery E 12 Cost of 13 Direct Materials used 14 Heat and Ele 15Repairs to Roof of Factory Buildinga) cost of goods manufactured schedule 16 Cost of Raw materials Purchases a) cost of goods manufactured schedule manufactured schedule ent available for Sale for Fact