At the beginning of 2019, Onyx Manufacturing Inc. had the following account balances: Finished Goods Inventory $12,400
Question:
At the beginning of 2019, Onyx Manufacturing Inc. had the following account balances:
Finished Goods Inventory $12,400
Work in Progress $12,500
Materials $15,000
The following information refers to transactions occurred in 2019:
Purchase of materials: $164,000
Direct labor incurred: $68,500
Direct materials $124,000
Manufacturing overhead: depreciation $21,500
MOH: Indirect labor $88,000
MOH: Indirect materials $46,000
Jobs completed with cost of: $340,000
Jobs sold for total revenue of: $440,000
Jobs sold with cost of: $345,000
Manufacturing overhead allocated to production: $150,000
Selling and marketing expenses $48,500
General and administrative expenses $12,800
Interest expenses $8,500
Income tax expense $4,700
Required:
a) Journalize the transactions related to inventories, adjustment), and sales of finished goods, MOH (including the end-of-the-year adjustment), and sales of finished goods.
b) Prepare the income statement for the year 2019, using the cost of goods sold format.
c) Prepare the income statement for the year 2019, using the total output format.
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078025778
17th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello