The following data refer to Nanis Fashions for the current year: Sales Revenues $475 000 Work in
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Question:
The following data refer to Nani’s Fashions for the current year:
Sales Revenues | $475 000 |
Work in process inventory, 31 December | 15 000 |
Work in process inventory, 1 January | 20 000 |
Selling and administrative expenses | 75 000 |
Income tax expense | 45 000 |
Purchase of raw materials | 90 000 |
Raw materials inventory, 31 December | 12 500 |
Raw material inventory. 1 January | 20 000 |
Direct labour | 100 000 |
Electricity: plant | 20 000 |
Depreciation plant and equipment | 30 000 |
Finished goods inventory, 31 December | 25 000 |
Finished goods inventory, 1 January | 10 000 |
Indirect material | 5 000 |
Indirect labour | 7 500 |
Other manufacturing overhead | 40 000 |
Required:
- 1. Prepare the schedule of cost of goods manufactured for Nani’s fashion.
- 2. Prepare the schedule of cost of goods sold for Nani’s Fashions and explain the information provided by the schedule of cost of goods sold.
- 3. Prepare an income statement for the current year.
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133428704
15th edition
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
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