1 9:36 9 ...30O 7 +92АСС 320 Тes...ACC 320TEST IQuestion 1The following information pertains to the Satyam Company for the year endingDecember 31, 2019.HoursRevenueInterest payablePurchases of direct materialsWages [factory]Beginning direct materialIndirect MaterialsSupplies expense (factory]Supplies [factory]Depreciation of factory machinesDepreciation of factory PlantDepreciation of shopUnearned revenueSelling commissionMarketing costsWages [Store]Insurance expense [shop]Prepaid insurance Expense [store]lSupplies expense (store]Utilities [store]40,000230012,000550028505,0003,5009540350023002,0005620120042006,000230014505,0002,500Direct Labor Hours1800Hourly Rate for direct labourDirect materials inventory Dec 31 2019Work in process Jan 1 2019Sales Return/ allowancesRent revenueWork in process Dec 31 2019Sales DiscountsFinished Goods Inventory Jan 1 2019Finished Goods Inventory Dec 31 2019147,0003,00021005,0005,0003,0003,0002500REQUIRED1. Prepare a COGM statement for year end2. Prepare an income statement [ assume interest tax rate to be 17%] for year endII

1) COGM Statement Particulars Amount Amount Beginning direct material $2,850 Add:…

Answered: 1. Prepare a COGM statement for year…

1. Prepare a COGM statement for year end 2. Prepare an income statement [ assume interest tax rate to be 17%] for year end

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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