The following data refer to snack maker Taquitos To Go for the year 20x1. Required: 1. Prepare
Question:
The following data refer to snack maker Taquitos To Go for the year 20x1.
Required:
1. Prepare Taquitos To Go’s schedule of cost of goods manufactured for 20x1.
2. Prepare the company’s schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company’s income statement for 20x1.
Transcribed Image Text:
Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used. Depreciation on factory equipment Raw-material inventory, 12/31/x0. Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory ............. $ 8,100 13,800 3,600 8,300 14,000 6,000 4,900 2,100 10,100 2,400 15,400 39,000 6,000 Utilities for sales and administrative offices..... Other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred. Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material .... Rental of space for company president's office .... Applied manufacturing overhead..... Sales revenue Income tax expense $ 2,500 4,000 29,000 3,800 1,200 79,000 11,000 4,100 3,100 1,700 58,000 205,800 5,100
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1 The Schedule of Cost of Goods Manufactured lists the manufacturing costs applied to work in proces...View the full answer
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Managerial Accounting Creating Value In A Dynamic Business Environment
ISBN: 9781264100699
13th Edition
Authors: Ronald Hilton, David Platt
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