GU$-$PR$08$CAS$-$F$05$

GULF UNIVERSITY

Recorded total sales of cost plus $20\%$ profit on account.

Recorded cost of goods sold of all the production.

Recorded selling and administrative costs of $$90,000($credit "Various accounts"$).$

Required:

a$.$ Journalize the transactions for August.

b$.$ Post transactions to T$-$accounts for Raw Material Inventory, Work in Process Inventory,

Finished Goods Inventory, and Cost of Goods Sold.

c$.$ Prepare a schedule of cost of goods manufactured and cost of goods sold for August.

d$.$ Prepare an income statement, including a detailed schedule of cost of goods sold.$$