CHAPTER 10 INTRODUCTION TO MANUFACTURING BUSINESS CHAPTER 10 -TEST 9 INTRODUCTION TO MANUFACTURING BUSINESS Name Date Score Course and Section Love Company has the following cost and expense data for the year ending December 31, 2020. plate ell as cost. Dry's ]; its Dunt ----- --- Raw materials, 1/1/20 Raw materials, 1/1/20 Raw materials purchases Indirect materials Work in process, 1/1/20 Work in process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory Property taxes, factory building Sales revenue Delivery expenses Sales commissions Indirect labor Factory machinery rent Factory utilities Depreciation, factory building Administrative expense P 30,000 20,000 205,000 15,000 80,000 .50,000 110,000 120,000 350,000 35,000 14,000 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 ---- -------- 300,000 the Requirements: 2. Prepare a cost of goods manufactured schedule for Love Company for 2020. 3. Prepare an income statement for Love Company for 2020. 4. Assume that Love Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Love Company as of December 31, 2020. pods ured imal 511 CHAPTER 10 INTRODUCTION TO MANUFACTURING BUSINESS CHAPTER 10 -TEST 9 INTRODUCTION TO MANUFACTURING BUSINESS Name Date Score Course and Section Love Company has the following cost and expense data for the year ending December 31, 2020. plate ell as cost. Dry's ]; its Dunt ----- --- Raw materials, 1/1/20 Raw materials, 1/1/20 Raw materials purchases Indirect materials Work in process, 1/1/20 Work in process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory Property taxes, factory building Sales revenue Delivery expenses Sales commissions Indirect labor Factory machinery rent Factory utilities Depreciation, factory building Administrative expense P 30,000 20,000 205,000 15,000 80,000 .50,000 110,000 120,000 350,000 35,000 14,000 6,000 1,500,000 100,000 150,000 90,000 40,000 65,000 24,000 ---- -------- 300,000 the Requirements: 2. Prepare a cost of goods manufactured schedule for Love Company for 2020. 3. Prepare an income statement for Love Company for 2020. 4. Assume that Love Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Love Company as of December 31, 2020. pods ured imal 511