Prepare an income statement through gross profit. SPLISH BROTHERS COMPANY Income Statement (Partial) $ $ The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare an income statement through gross profit. SPLISH BROTHERS COMPANY Income Statement (Partial) $ $ The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/22 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/21 99,700 Factory Machinery Depreciation 17,100 Finished Goods Inventory 6/30/22 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/21 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/22 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) Work in Process, July 1, 2021 Direct Materials Raw Materials Inventory, July 1, 2021 Raw Materials Purchases Total Raw Materials Available for Use > SPLISH BROTHERS COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2022 A 58100 97300 155400 Less Raw Materials Inventory, June 30, 2022 46600 Direct Materials Used Direct Labor $ 108800 147550 $ AA 21200 Manufacturing Overhead Indirect Labor Factory Machinery Depreciation Factory Insurance Factory Property Taxes Factory Repairs Factory Utilities Factory Manager's Salary Total Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process > > 25360 17100 4800 9910 2500 29400 63400 152470 408820 430020 Less Work in Process, June 30, 2022 Cost of Goods Manufactured > $ A 29400 400620 Prepare an income statement through gross profit. SPLISH BROTHERS COMPANY Income Statement (Partial) $ $ The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/22 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/21 99,700 Factory Machinery Depreciation 17,100 Finished Goods Inventory 6/30/22 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/21 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/22 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) Work in Process, July 1, 2021 Direct Materials Raw Materials Inventory, July 1, 2021 Raw Materials Purchases Total Raw Materials Available for Use > SPLISH BROTHERS COMPANY Cost of Goods Manufactured Schedule For the Year Ended June 30, 2022 A 58100 97300 155400 Less Raw Materials Inventory, June 30, 2022 46600 Direct Materials Used Direct Labor $ 108800 147550 $ AA 21200 Manufacturing Overhead Indirect Labor Factory Machinery Depreciation Factory Insurance Factory Property Taxes Factory Repairs Factory Utilities Factory Manager's Salary Total Manufacturing Overhead Total Manufacturing Costs Total Cost of Work in Process > > 25360 17100 4800 9910 2500 29400 63400 152470 408820 430020 Less Work in Process, June 30, 2022 Cost of Goods Manufactured > $ A 29400 400620
Expert Answer:
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Posted Date:
Students also viewed these finance questions
-
Prepare an income statement through gross profit for Tipton Company using the variance data in Practice Exercises 23-1B, 23-2B, 23-3B, and 23-4B. Assume Tipton sold 800 units at $200 per unit.
-
Consider the function f x = |x-a, where a is any real number. fa+h-fa fa+h-fa fa+h-fa Determine: (a) lim (c) lim- h h h (d) What do the answers from the previous parts indicate regarding f' a ? Show...
-
How much momentum does a car of mass 1 5 0 2 KG have a travels at a consistent speed of 1 4 . 3 m / s?
-
a. U.S. household income has grown considerably since 1984. Has U.S. saving been on a downward trend because Americans feel wealthier? b. Explain why households preferred to buy corporate equities...
-
RiverRocks (whose WACC is 11.8%) is considering an acquisition of Raft Adventures (whose WACC is 14.5%). The purchase will cost $101.1 million and will generate cash flows that start at $14.9 million...
-
As the acceptable level of detection risk decreases, an auditor may change the: (a) assessed level of inherent risk to a lower amount. (b) timing of tests of control by performing them at several...
-
1. What are IKEAs organizational design elements? 2. How does IKEA approach innovation?. 3. Describe IKEAs culture. 4. What challenges does IKEA face? In 1943, at age 17, Ingvar Kamprad formed IKEA....
-
Write a Java program that will implement the Hill cipher using the 3 x 3 matrices shown below. The program should prompt the user for a string of arbitrary length and encrypt that string. The user...
-
lan Shields Communications, Inc., a cellular communications provider based in Michigan, has determined that its average CLV per customer is $1,210. Last year, the company obtained 57,100 new...
-
Eugene Fama and Robert Shiller recently won the Nobel Prize in economics. Go to http://nobelprize.org/nobel_prizes/economics/ and locate the press release on Eugene Fama and Robert Shiller. What was...
-
The following are speeds (mi/h) of cars measured with a radar gun on the New Jersey Turnpike based on data from Statlib and authors Joseph Kadane and John Lamberth. 70 70 71 72 72 73 73 74 76 77 78...
-
In the box entitled How Would You Do That? 1, we walked through how to apply the DuPont analysis to better understand the value chain choices, and possibly resources and capabilities, that support a...
-
Shown below is a boxplot of a sample of 20 brain volumes (cm 3 ). What do the numbers in the boxplot represent? 963 1034.5 1079 1439 1188.5
-
The following are the duration times (minutes) of all missions flown by the space shuttle Challenger. 1 7224 8709 8784 10,060 10,089 10,125 11,445 11,476 11,844 Use the given data to construct a...
-
1. Imagine a country where religious factions inside a nation want to have their own separate homeland. The government refuses, claiming that the territory in question, which commands the nations...
-
1) The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have a) An inelastic demand b) An elastic demand c) A demand curve that is...
-
For tidal waves in a channel, what is the mathematical relationship between the speed of the wave and the depth of the channel?
-
Often a linearly sloped beach is not a good model. Waves coming from deep water up a gradually shelving beach are better approximated by assuming a parabolic shape like that shown in Figure P7.6...
-
In the design of a horn tweeter, which parameter is most critical in specifying where the cutoff frequency for the loudspeaker would lie? Why?
Study smarter with the SolutionInn App