1. Prepare cost statement and income statement for the following unit. Costs for year ended December 31 Units Sold Administrative expenses Depreciation expense - factory building Depreciation expense - factory equipment Direct labor Factory utilities expense Finished goods inventory, December 31 Finished goods inventory, January 01 Indirect labor Maintenance and repairs expense Other expense - factory Raw Materials inventory, December 31 Raw Materials inventory, January 01 Raw Materials purchased during the year Sales Selling expenses Work in process inventory, December 31 Work in process inventory, January 01 Amount 2000 $ 28,000 $ 15,000 $ 10,000 $ 45,000 $ 19,000 $ 50,000 $ 55,000 $ 20,000 $ 20,000 $ 15,000 $ 70,000 $ 55,000 $ 130,000 $ 500,000 $ 18,000 $ 23,000 $ 28,000
1. Prepare cost statement and income statement for the following unit. Costs for year ended December 31 Units Sold Administrative expenses Depreciation expense - factory building Depreciation expense - factory equipment Direct labor Factory utilities expense Finished goods inventory, December 31 Finished goods inventory, January 01 Indirect labor Maintenance and repairs expense Other expense - factory Raw Materials inventory, December 31 Raw Materials inventory, January 01 Raw Materials purchased during the year Sales Selling expenses Work in process inventory, December 31 Work in process inventory, January 01 Amount 2000 $ 28,000 $ 15,000 $ 10,000 $ 45,000 $ 19,000 $ 50,000 $ 55,000 $ 20,000 $ 20,000 $ 15,000 $ 70,000 $ 55,000 $ 130,000 $ 500,000 $ 18,000 $ 23,000 $ 28,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please solve this question
Transcribed Image Text:Accounting
1. Prepare cost statement and income statement for the following unit.
Costs for year ended December 31
Units Sold
Administrative expenses
Depreciation expense - factory building
Depreciation expense - factory equipment
Direct labor
Factory utilities expense
Finished goods inventory, December 31
Finished goods inventory, January 01
Indirect labor
Maintenance and repairs expense
Other expense - factory
Raw Materials inventory, December 31
Raw Materials inventory, January 01
Raw Materials purchased during the year
Sales
Selling expenses
Work in process inventory, December 31
Work in process inventory, January 01
Amount
2000
$
28,000
$
15,000
$ 10,000
$ 45,000
$ 19,000
$
50,000
$
55,000
$
20,000
$
20,000
$
15,000
$
70,000
$ 55,000
$ 130,000
$ 500,000
$ 18,000
$ 23,000
$
28,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education