Aikman Corporation has the following cost records for June 2022: Instructions a. Prepare a cost of goods
Question:
Aikman Corporation has the following cost records for June 2022:
Instructions
a. Prepare a cost of goods manufactured schedule for June 2022.
b. Prepare an income statement through gross profit for June 2022, assuming net sales are $87,100.
Transcribed Image Text:
Indirect factory labour Direct materials used Work in process (6/1/22) Work in process (6/30/22) Finished goods (6/1/22) Finished goods (6/30/22) $ 4,500 25,000 3,000 2,800 5,000 9,500 Factory utilities Depreciation, factory equipment Direct labour Maintenance, factory equipment Indirect materials Factory manager's salary $ 400 1,400 30,000 1,800 2,200 3,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
a b AIKMAN CORPORATION Cost of Goods Manufactured Sch...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting Tools For Business Decision Making
ISBN: 9781119731825
6th Canadian Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Ibrahim M. Aly, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
Aikman Corporation has the following cost records for June 2016: Instructions (a) Prepare a cost of goods manufactured schedule for June 2016. (b) Prepare an income statement through gross profit for...
-
Aikman Corporation has the following cost records for June 2012: Instructions (a) Prepare a cost of goods manufactured schedule for June 2012. (b) Prepare an income statement through gross profit for...
-
Aikman Corporation has the following cost records for June 2016: Instructions (a) Prepare a cost of goods manufactured schedule for June 2016. (b) Prepare an income statement through gross profit for...
-
Three components can be used to build an Oracle statement: Statement, Prepared-Statement and CallableStatement.(True/False)
-
Kelton Corp. has calculated its direct materials price and quantity variances to be $500 favorable and $800 unfavorable, respectively. Keltons production manager believes that these variances...
-
Match each statement on the left to the notation on the right. X denotes a normally distributed random variable: X ~ N(, 2 ). A googol, the namesake of Google, is 10 100 . The random variable Z...
-
When does a party have an automatic right to amend a pleading?
-
Rockwall RV Centers accounting records include the following accounts at December 31, 2016. Cost of Goods Sold............$ 368,000 Accounts Payable............ 20,000 Rent Expense..................
-
A British financial institution has written 1,200 call options and written 2,300 put options and holds (long) 800 put options on the euro (EUR). (Each option is to buy or sell 1 EUR.) The written...
-
In Exercises 1 through 6, plot the given points in a rectangular coordinate plane. (4, 3)
-
An analysis of the accounts of Kananaskis Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2022: Costs incurred: Raw materials purchases $64,000, direct labour...
-
Tombert Company is a manufacturer of computers. Its controller resigned in October 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October...
-
Factoring of integers. Write a program that asks the user for an integer and then prints out all its factors. For example, when the user enters 150, the program should print 2355 Use a class...
-
Problem 23: The Income Statement of Enteng Repair Shop on December 31, 2030 is shown below: Revenue: Service Revenue. Expenses: Rent expense Utilities expense Supplies expense Gas expense...
-
Examine the impact of technology on job design and the implications for worker autonomy and skill development.
-
Conditional on the company surviving the first year, what is the implied probability of a default during the second year? ? Time 1-Year 2-Year Treasury 3% 3.5% AA-rated bond 4.1% 5.5%
-
Analyse and report on the impact of new and emerging technology in the logistics and supply chain industry in the post 2000, highlighting the significant advances with documented cases.
-
Assess the impact of the strategic plan on the organizational culture. Strategic Goals: Create measurable core strategic goals for each of the three to four areas addressed from the SWOT analysis,...
-
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes....
-
The Cholesterol Level data sets give cholesterol levels of heart attack patients. Cholesterol measures are taken 2, 4, and 14 days aft er a patient has suffered a heart attack. Is there a significant...
-
Which ratios should be used to help answer the following questions? (a) How efficient is a company in using its assets to produce sales? (b) How near to sale is the inventory on hand? (c) How many...
-
The price-earnings ratio of General Motors (automobile builder) was 8, and the price-earnings ratio of Microsoft (computer software) was 38.Which company did the stock market favor? Explain.
-
Holding all other factors constant, indicate whether each of the following changes generally signals good or bad news about a company. (a) Increase in profit margin. (b) Decrease in inventory...
-
Pam invested in the following equity securities, all of which she purchased on 12-14-18. For each investment, Pam owns less than 5% of the investees outstanding common stock. Fair value* Fair value*...
-
The Indian Civil Rights Act confers specific rights on persons subject to tribal jurisdiction, including the right to equal protection of the laws. Some tribal membership codes make distinctions...
-
The following information is available for Pioneer Company: Sales price per unit is $120. November and December sales were budgeted at 2,980 and 3,560 units, respectively. Variable costs are 12...
Study smarter with the SolutionInn App