Prepare Cost of goods Manufactured Statement AND Income Statement using the following information Trial Balance preclosing Debit
Question:
Prepare Cost of goods Manufactured Statement AND Income Statement using the following information
Trial Balance preclosing
Debit Credit
cash 54
accounts receivable 210
finished goods [ begin year ] 247
work in process [begin year] 150
direct materials [begin yer ] 28
equipment and plant 1,140
accounts payable 70
bond payable 600
paid in capital 100
retained earnings 930
sales 1,488
sales discount 20
interest revenue 2
purchase direct materials 510
direct labor 260
indirect factory labor 90
office salary 122
sales salary 42
utilities 135
rent 9
property tax 60
insurance 20
depreciation 54
interest expense 6
freight in 15
freight out 18
total 3,190 3,190
additional informaton
A 80 % of utilities for manufacturing 20% for seling and administrative.
B 100% of rent is non manufacturing office building.
C 100% of property tax is for manufacturing plantD 60 % of insurance is for manufacturing 40% is for sales and administrative.
E depreciation manufacturing $ 50 office equipment $ 4.
F ending inventory finished goods $ 175 work in rocess $ 210 direct materials $ 23.
Cost Management A Strategic Emphasis
ISBN: 9781259917028
8th Edition
Authors: Edward Blocher, David F. Stout, Paul Juras, Steven Smith