Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. How do I find the net income?  2. What is the correct title for this statement?

1. How do I find the net income?  2. What is the correct title for this statement?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

1. How do I find the net income? 

2. What is the correct title for this statement? 

A B 1 2 3 4 MFG ManufactningAoounting Data Section 7 Depreciation--equipment 8 Direct labor 9 Direct materials inventory, 1/1 10 Direct materials inventory, 12/31 11 Factory rent 12 Finished goods, 1/1 13 Finished goods, 12/31 14 Indirect labor 15 Indirect materials 16 Purchases of direct materials 17 Work in process, 1/1 18 Work in process, 12/31 19 Sales 20 Selling Expenses 21 General Expenses 22 23 24 25 26 27 28 29 Direct materials 30 31 $180,000 2,568,000 366,000 372,000 305,640 528,000 690,000 150,000 105,000 2,580,720 121,200 114,660 13,503,000 2,400,000 1,200,000 Answer Section Twisp Industries Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2011 Direct materials inventory, 1/1 Add: $366,000 Purchases of direct 2,580,720 32 33 Cost of direct materials available Less: $2,946,720 372.000 $2,574.720 2,568,000 'Direct materials inv 34 Cost of direct materials used 35 Direct labor 36 Manufacturing overhead: 37 38 Depreciation--equipment $305,640 180,000 150,000 Factory rent 39 Indirect labor 40 Indirect materials 105,000 740,640 $5,883,360 41 Total manufacturing costs 42 43 44 Work in process, 1/1 Total work in process available Less: 121.200 $6,004,560 114,660 $5,889,900 Work in process, 12 45 Cost of goods manufactured 46 Finished goods, 11 47 528,000 $6.417,900 Cost of goods available for sale Less: 48 Finished goods, 12/31 690,000 $5,727,900 49 Cost of good sold 50 Selling and Distribution Overhead 51 52 Selling Expenses 2,400,000 1,200,000 General Expenses 53 Total Selling and Distribution Overhead 54 Cost of Sales 55 56 57 Net income 58 $3,600,000 $9,327,900 Profit Sales 4,175,100 13.503.000 59
Transcribed Image Text:A B 1 2 3 4 MFG ManufactningAoounting Data Section 7 Depreciation--equipment 8 Direct labor 9 Direct materials inventory, 1/1 10 Direct materials inventory, 12/31 11 Factory rent 12 Finished goods, 1/1 13 Finished goods, 12/31 14 Indirect labor 15 Indirect materials 16 Purchases of direct materials 17 Work in process, 1/1 18 Work in process, 12/31 19 Sales 20 Selling Expenses 21 General Expenses 22 23 24 25 26 27 28 29 Direct materials 30 31 $180,000 2,568,000 366,000 372,000 305,640 528,000 690,000 150,000 105,000 2,580,720 121,200 114,660 13,503,000 2,400,000 1,200,000 Answer Section Twisp Industries Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2011 Direct materials inventory, 1/1 Add: $366,000 Purchases of direct 2,580,720 32 33 Cost of direct materials available Less: $2,946,720 372.000 $2,574.720 2,568,000 'Direct materials inv 34 Cost of direct materials used 35 Direct labor 36 Manufacturing overhead: 37 38 Depreciation--equipment $305,640 180,000 150,000 Factory rent 39 Indirect labor 40 Indirect materials 105,000 740,640 $5,883,360 41 Total manufacturing costs 42 43 44 Work in process, 1/1 Total work in process available Less: 121.200 $6,004,560 114,660 $5,889,900 Work in process, 12 45 Cost of goods manufactured 46 Finished goods, 11 47 528,000 $6.417,900 Cost of goods available for sale Less: 48 Finished goods, 12/31 690,000 $5,727,900 49 Cost of good sold 50 Selling and Distribution Overhead 51 52 Selling Expenses 2,400,000 1,200,000 General Expenses 53 Total Selling and Distribution Overhead 54 Cost of Sales 55 56 57 Net income 58 $3,600,000 $9,327,900 Profit Sales 4,175,100 13.503.000 59
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS