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

The answer is stated below:

Step-by-step explanation:

The items which will appear in which account is stated below:

Balance Sheet - It is the one which records the assets and the liabilities of the company.

Income Statement - It is the one which records the income as well expenses incurred by business.

Cost of goods manufactured schedule - It is that schedule which states the items related to the manufacture of the goods.

1. Direct labor - It is the item of the Cost of goods manufactured schedule.

2. Raw materials inventory - It is the item of the Cost of goods manufactured schedule.

3. Work in process inventory - It is the item of the Cost of goods manufactured (COGM) schedule.

4. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.

5. Indirect labor - It is the item of the Cost of goods manufactured schedule.

6. Depreciation on factory machinery - It is the item of the Balance Sheet.

7. Work in process - It is the item of the Cost of goods manufactured (COGM) schedule.

8. Finished goods inventory - It is the item of the Cost of goods manufactured (COGM) schedule.

9. Factory maintenance salaries - It is the item of the Income Statement.

10. Cost of goods manufactured - It is the item of the Cost of goods manufactured (COGM) schedule.

11. Depreciation on delivery equipment - It is the item of the Balance Sheet.

12. Cost of goods available for sale - It is the item of the Cost of goods manufactured (COGM) schedule.

13. Direct materials used - It is the item of the Cost of goods manufactured (COGM) schedule.

14. Heat and electricity for factory - It is the item of the Income statement.

15. Repairs to roof of factory building - It is the item of the Income statement.

16. Cost of raw materials purchases - It is the item of the Cost of goods manufactured (COGM) schedule.