1. prepare the schedule of cost of goods manufactured for the year. 2. Prepare the current year income statement Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 40,375 70,430 12,500 4,942,625 14,100 177,200 141,750 $ 20,250 8,440 10,125 49,900 894,375 30,375 37,500 562,500 180,500 70,875 23,625 27,000 93,500 295,300
1. prepare the schedule of cost of goods manufactured for the year. 2. Prepare the current year income statement Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 40,375 70,430 12,500 4,942,625 14,100 177,200 141,750 $ 20,250 8,440 10,125 49,900 894,375 30,375 37,500 562,500 180,500 70,875 23,625 27,000 93,500 295,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:1. prepare the schedule of cost of goods manufactured for the year.
2. Prepare the current year income statement
Raw materials inventory, beginning
Raw materials inventory, ending
Work in process inventory, beginning
Sales
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Advertising expense
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building
Sales salaries expense
$ 40,375
70,430
12,500
4,942,625
14,100
177,200
141,750
$ 20,250
8,440
10,125
49,900
894,375
30,375
37,500
562,500
180,500
70,875
23,625
27,000
93,500
295,300
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