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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

FINANCIAL ACCOUNTING
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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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
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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