1) What is the amount of cost of goods sold for the current period? A. 4,800,000 В. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 В. 800,000 С. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 B. 880,000 В.
1) What is the amount of cost of goods sold for the current period? A. 4,800,000 В. 4,720,000 C. 5,020,000 С. D. 5,100,000 2) What is the amount of general and administrative expense for the current period? A. 930,000 В. 800,000 С. 880,000 D. 830,000 3) What is the amount of selling and distribution expense for the current period? A. 900,000 B. 880,000 В.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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Please explain with solutions and explanation. Thank you!
![Spades Company provided the following information for the year ended December 31, 2022:
Sales
8,000,000
Sales salaries
520,000
Advertising
120,000
Indirect labor
600,000
Delivery expense
160,000
Freight in
Depreciation – machinery
Factory taxes
80,000
50,000
130,000
Purchases
1,600,000
Direct labor
1,480,000
Factory supplies expense
Office supplies expense
120,000
30,000
Office salaries
800,000
Factory superintendence
Doubtful accounts
480,000
100,000
Factory maintenance
Factory heat, light and power
Income tax expense
150,000
220,000
170,000
Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows:
Finished goods
Goods in process
200,000 decrease
90,000 decrease
Raw materials
100,000 increase
1) What is the amount of cost of goods sold for the current period?
A. 4,800,000
B. 4,720,000
C. 5,020,000
С.
D. 5,100,000
2) What is the amount of general and administrative expense for the current period?
A. 930,000
B. 800,000
C. 880,000
D. 830,000
3) What is the amount of selling and distribution expense for the current period?
A. 900,000
В.
880,000
C. 960,000
D. 800,000
4) What is the amount of net profit for the current period?
А.
1,170,000
B. 1,380,000
C.
1,300,000
D. 1,000,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaa30df9-c459-4ca8-a349-f55c98007ebb%2F77354979-db46-49dc-8608-9990515b37a6%2Fra1uo18_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Spades Company provided the following information for the year ended December 31, 2022:
Sales
8,000,000
Sales salaries
520,000
Advertising
120,000
Indirect labor
600,000
Delivery expense
160,000
Freight in
Depreciation – machinery
Factory taxes
80,000
50,000
130,000
Purchases
1,600,000
Direct labor
1,480,000
Factory supplies expense
Office supplies expense
120,000
30,000
Office salaries
800,000
Factory superintendence
Doubtful accounts
480,000
100,000
Factory maintenance
Factory heat, light and power
Income tax expense
150,000
220,000
170,000
Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows:
Finished goods
Goods in process
200,000 decrease
90,000 decrease
Raw materials
100,000 increase
1) What is the amount of cost of goods sold for the current period?
A. 4,800,000
B. 4,720,000
C. 5,020,000
С.
D. 5,100,000
2) What is the amount of general and administrative expense for the current period?
A. 930,000
B. 800,000
C. 880,000
D. 830,000
3) What is the amount of selling and distribution expense for the current period?
A. 900,000
В.
880,000
C. 960,000
D. 800,000
4) What is the amount of net profit for the current period?
А.
1,170,000
B. 1,380,000
C.
1,300,000
D. 1,000,000
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