+ Masay Company provided the following information for the current year: Sales Inventories - January 1:...
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+ Masay Company provided the following information for the current year: Sales Inventories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finished goods Purchases. Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation-store equipment Office salaries office equipment Depreciation Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 110,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 10,000 100,000 200,000 150,000 250,000 300,000 100,000 320,000 Required: a. Statement of cost of goods manufactured b. Income statement using the "cost of goods sold" method c. Income statement using the "nature of expense" method + Masay Company provided the following information for the current year: Sales Inventories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finished goods Purchases. Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation-store equipment Office salaries office equipment Depreciation Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 110,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 10,000 100,000 200,000 150,000 250,000 300,000 100,000 320,000 Required: a. Statement of cost of goods manufactured b. Income statement using the "cost of goods sold" method c. Income statement using the "nature of expense" method
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Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
Posted Date:
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