Dantooine Company is a brand new company that started operations on July 1, 2019. Dantooine manufactures...
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Dantooine Company is a brand new company that started operations on July 1, 2019. Dantooine manufactures cold weather clothing. At the end of July, 2019, the accountant for Dantooine compiled the following information. Item Amount Administrative Expense $30,000 Direct Labor $9,000 Ending Finished Goods $13,000 $24,000 $6,000 Manufacturing Overhead $8,000 Raw Materials Purchases $51,000 Ending Raw Materials Ending Work-in-Process Sales Revenue $131,000 Selling Expense $29,000 Do not enter dollar signs or commas in the input boxes. Do not use the negative sign. a) Prepare a schedule of cost of goods manufactured for July. Dantooine Manufacturing Schedule of Cost of Goods Manufactured For the Month Ended July 31, 2019 Work-in-Process, July 1 Direct Materials Beginning raw materials Raw material purchases Raw materials available for use Ending raw materials inventory Direct Materials Requisitioned Direct Labor Total Factory Overhead Ending Work-in-Process Cost of Goods Manufactured b) Prepare an income statement for July. Dantooine Manufacturing Income Statement For the Month Ended July 31, 2019 Sales Revenue Cost of Goods Sold Beginning Finished Goods Cost of Goods Manufactured Ending Finished Goods Gross Profit Operating Expenses Administrative Expense Selling Expense Net Income Dantooine Company is a brand new company that started operations on July 1, 2019. Dantooine manufactures cold weather clothing. At the end of July, 2019, the accountant for Dantooine compiled the following information. Item Amount Administrative Expense $30,000 Direct Labor $9,000 Ending Finished Goods $13,000 $24,000 $6,000 Manufacturing Overhead $8,000 Raw Materials Purchases $51,000 Ending Raw Materials Ending Work-in-Process Sales Revenue $131,000 Selling Expense $29,000 Do not enter dollar signs or commas in the input boxes. Do not use the negative sign. a) Prepare a schedule of cost of goods manufactured for July. Dantooine Manufacturing Schedule of Cost of Goods Manufactured For the Month Ended July 31, 2019 Work-in-Process, July 1 Direct Materials Beginning raw materials Raw material purchases Raw materials available for use Ending raw materials inventory Direct Materials Requisitioned Direct Labor Total Factory Overhead Ending Work-in-Process Cost of Goods Manufactured b) Prepare an income statement for July. Dantooine Manufacturing Income Statement For the Month Ended July 31, 2019 Sales Revenue Cost of Goods Sold Beginning Finished Goods Cost of Goods Manufactured Ending Finished Goods Gross Profit Operating Expenses Administrative Expense Selling Expense Net Income
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Related Book For
Managerial Accounting
ISBN: 978-0176223311
1st Canadian Edition
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
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