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Randolph Company reports the following information pertaining to its operating activities: During the year, the company purchased $135,000 of direct

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Randolph Company reports the following information pertaining to its operating activities:
Randolph Company reports the following information pertaining to its operating

During the year, the company purchased $135,000 of direct materials and incurred $22,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $19,000. Selling and administrative expenses amounted to $30,000, and the company's annual sales amounted to $280,000.
a. Prepare Randolph's schedule of the cost of finished goods manufactured.
b. Prepare Randolph's income statement (ignore income taxes).

Transcribed Image Text:

Ending Beginning Balance Balance Materials Inventory Work in Process Inventory 79,000

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Financial and Managerial Accounting the basis for business decisions

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078025778

17th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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Question Details
Chapter # 16
Section: Exercises
Problem: 10
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Question Posted: October 05, 2016 08:33:47
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