Question: just need help figuring out problem 14-3B Problem 14-2B Classifying costs C2 The following year-end information is taken from the December 31 adjusted trial balance

just need help figuring out problem 14-3B
just need help figuring out problem 14-3B Problem 14-2B Classifying costs C2

Problem 14-2B Classifying costs C2 The following year-end information is taken from the December 31 adjusted trial balance and other records of Best Bikes. Advertising expense 20,250 Depreciation expense-Office 8,440 equipment Depreciation expense-Selling equipment 10,125 Depreciation expense--Factory 49,900 equipment Raw materials purchases (all direct 894,375 materials) Maintenance expense-Factory 30,375 equipment Factory utilities 37,500 Direct labor 562,500 Indirect labor 180,500 Office salaries expense 70,875 Rent expense-Office space 23,625 Rent expense--Selling space 27,000 Rent expense--Factory building 93,500 Sales salaries expense 295,300 Tablo Summary: A table Page 569 Required Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense, Problem 14-3B Schedule of cost of goods manufactured and income statement P1 P2 Using the information from Problem 14-2B and the following additional Information for Best Bikes, complete the requirements below. Raw materials Inventory, beginning $ 40,375 Raw materials inventory. ending 70,430 Work in process Inventory, 12,500 beginning Sales 4,942,625 Work in process inventory, ending 14,100 Finished goods inventory, beginning 177,200 Finished goods Inventory. 141,750 ending Table Summary: A table Required 1. Prepare the schedule of cost of goods manufactured for the year. 2. Prepare the current year income statement. Check (1) Cost of goods manufactured, S1,816,995

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!