Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events
Question:
1. Acquired $2,000 cash from the issue of common stock.
2. Paid $600 cash for direct raw materials.
3. Transferred $400 of direct raw materials to work in process.
4. Paid production employees $600 cash.
5. Paid $300 cash for manufacturing overhead costs.
6. Applied $245 of manufacturing overhead costs to work in process.
7. Completed work on products that cost $1,000.
8. Sold products that cost $800 for $1,400 cash.
9. Paid $400 cash for selling and administrative expenses.
10. Made a $50 cash distribution to the owners.
11. Closed the Manufacturing Overhead account.
Required
a. Record these events in a horizontal statements model. The first event is shown as an example.
b. Prepare a schedule of cost of goods manufactured and sold.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
Fantastic news! We've located the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
Question Posted: