The following data refer to Mister Munchie, Inc. for the year 20x4. Required: 1. Prepare Mister Munchies
Question:
Required:
1. Prepare Mister Munchies schedule of cost of goods manufactured for 20x4.
2. Prepare the companys schedule of cost of goods sold for 20x4. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the companys income statement for20x4.
Transcribed Image Text:
Work-in-process inventory, 12/31 24,300 Utilities for sales and administrative ofifices7,500 Selling and administrative salaries.41,400 ther selling and administralive expenss 12,000 Insurance on factory and equipment... Work-in-process inventory, 12/31x4 24,900 Depreciation on factory building Finished-goods inventory, 12313 Indirect material used.. Depreciation on factory equipment.. 6,300 Raw-material inventory, 12/314 Raw-material inventory, 12/313 Property taxes on factory Finished-goods inventory, 12/31446,200 Applied manufacturing overhea Purchases of raw mateal in 204. 117,000 Sales revene Utilities for factory18,000Incorne tax expense. Cash, 12/3114. 10,800 Indirect-labor cost incumed 87,000 11,400 3,600 237,000 33,000 .9,300 5,100 174,000 617 400 5,300 5,100 42,000 Depreciation on cars used by sales personnel 14,700 Direct-labor cost incuTed 30,300 Rental for warehouse space to store raw material 7,200 Rental of space for company president's oftfice 7,500 Acounts receivable, 12/31/x4
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1 Mister Munchie Inc Schedule of Cost of Goods Manufactured For the Year Ended December 31 20x4 Direct material Rawmaterial inventory 1231x3 30300 Add ...View the full answer
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Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-0078025662
10th edition
Authors: Ronald Hilton, David Platt
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