Question

The information that follows is from Miles Production Company’s trial balance.

.:.
Required
1. Manufacturing organizations use asset accounts that are not needed by retail organizations.
a. List the titles of the asset accounts that are specifically related to manufacturing organizations.
b. List the titles of the asset, liability, and equity accounts that you would see on the balance sheets of both manufacturing and retail organizations.
2. Assuming that the following information reflects the results of operations for the year, calculate the
(a) Gross margin,
(b) Cost of goods sold,
(c) Cost of goods available for sale,
(d) Cost of goods manufactured:
Operating income ............ $ 68,000
Operating expenses ............ 40,000
Sales .................. 450,000
Finished goods inventory, beginning ...... 60,000



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  • CreatedMarch 26, 2014
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