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Manufacturing costs for Davenport Company during 2018 were as follows: Note; The pre-determined overhead rate is 0.94(94%) of direct labor cost: Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 . Complete this question by entering your answers in the tabs below. Prepare a Cost of Goods Manufactured report: Complete this question by entering your answers in the tabs below. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 .
Manufacturing costs for Davenport Company during 2018 were as follows: Note; The pre-determined overhead rate is 0.94(94%) of direct labor cost: Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 . Complete this question by entering your answers in the tabs below. Prepare a Cost of Goods Manufactured report: Complete this question by entering your answers in the tabs below. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 .
The Cost of Goods Manufactured report summarizes Davenport Company's manufacturing costs in 2018, including materials, labor, and overhead. Based on $1,440,000 sales revenue and $305,000 operating expenses for 2018, a PartialIncome Statementcan be prepared once specific cost values are provided.1. Cost of Goods Manufactured Report:Cost of Goods Manufactured is a statement that summarizes the costs incurred by a company in the production process. It includes direct materials, direct labor, andmanufacturingoverhead costs.Davenport Company's manufacturing costs for 2018 are as follows:Direct Materials:- Beginning Inventory of Direct Materials: $X- Add: Purchases of Direct Materials: $X- Total Direct Materials Available: $X- Less: Ending Inventory of Direct Materials: $X- Direct Materials Used: $XDirect Labor: $XManufacturing Overhead:- Direct Labor Cost: $X- Pre-determined Overhead Rate (94% of Direct Labor Cost): $X- Applied Overhead: $XTotal Manufacturing Costs: $XAdd: Beginning Work-in-ProcessInventory: $XTotal Cost of Work-in-Process: $XLess: Ending Work-in-Process Inventory: $XCost of Goods Manufactured: $X2. Partial Income Statement:Sales Revenue: $1,440,000Operating Expenses: $305,000Gross Profit:Sales Revenue - Cost of Goods Sold = Gross Profit$1,440,000 - Cost of Goods Sold = Gross ProfitOperating Profit:Gross Profit - Operating Expenses = Operating ProfitGross Profit- $305,000 = Operating ProfitNet Profit:Operating Profit - Taxes and Other Expenses = Net ProfitUnfortunately, the specific values required to complete the calculations are missing in the question.To provide a precise answer, the amounts for direct materials, direct labor, manufacturing overhead, beginning and ending work-in-process inventories, and taxes and other expenses need to be provided.To know more aboutIncome Statementrefer here:brainly.com/question/30280898##SPJ11...