1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24

1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Here is the following data extracted from the records of a company during the year 2019, as follows: - Direct raw materials purchased during the period (350,000) dinars. - Direct raw materials for the first period (125,000) dinars. - Direct raw materials at the end of the period (150,000) dinars. - Direct wages amounted to (225,000) dinars during the period. Industrial indirect costs were estimated as follows: 25% of the total costs of direct raw materials used in production during the period. 10% of the total direct wage costs spent on production during the period. - The balance of production under operation in the first period amounted to (35,000) dinars. - The balance of production under operation at the end of the period reached (50,000) dinars. The balance of finished production at the beginning of the period was (100,000) dinars. - The balance of finished production at the end of the period reached (75,000) dinars. Required: Find the following: 1. The total initial costs of…
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