Question: Following is the trial balance of Rashid Products Company Inc

Following is the trial balance of Rashid Products Company, Inc., as of December 31 of this year.


You are given the following information for the adjustments:
a.– f. Year- end inventories: raw materials, $ 46,300; work-in-process, $ 68,740; finished goods, $ 75,175.
g. Allowance for Doubtful Accounts to be increased by $ 890 [debit General Expenses].
h. Estimated depreciation of factory machinery, $ 11,625.
i. A study of the company’s insurance policies shows that $ 1,430 of factory insurance expired during the year.
j. Accrued direct labor, $ 350; accrued indirect labor, $ 180; accrued sales commissions, $ 190 ( credit Wages and Commissions Payable).
k. Additional income tax, $ 1,429.

Required
1. Prepare a work sheet.
2. Prepare a statement of cost of goods manufactured.
3. Prepare an incomestatement.


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  • CreatedOctober 21, 2014
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