Question: Can someone please help me answer a question for my Cost Accounting assignment? 1. Prepare a cost of goods Manufactured, a cost of goods sold,

Can someone please help me answer a question for my Cost Accounting assignment?

1. Prepare a cost of goods Manufactured, a cost of goods sold, and a manufacturing Income Statement based on the following information:

Raw Materials purchased $300,000

Indirect material $20,000

Sales $4,000,000

Beginning work in process inventory $50,000

Beginning finished goods inventory $150,000

Beginning Raw materials inventory $200,000

Direct Labor $400,000

Indirect labor $30,000

Selling, general, and administrative expenses $1,500,000

Factory Depreciation $50,000

Ending raw materials inventory $50,000

Ending Finished goods inventory $100,000

Ending work in process inventory $200,000

Factory utilities $20,000

Thank you in advance! Much appreciated!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!