3. Below is information pertaining to The Lime Green Wasp Corporation for the current year. On a separate sheet of paper, prepare the Income Statement and The Statement of Cost of Goods Manufactured for the current year. Inventories 01/01/X1 12/31/X1 Materials 165,000 210,000 Work in Process 306,000 290,000 Finished Goods 298,000 284,000 Advertising Expense Depreciation Exp - office equipment Depreciation Exp - factory equipment 148,000 21,000 20,900 Direct Labor 360,000 Heat, lighting, & power - factory 8,400 Indirect labor 29,100 Materials purchased Office salaries expense 325,000 115,000 Property taxes - factory Property taxes - office building Rent expense - factory 6,800 18,000 11,500 Sales 1,530,000 Sales salaries expense 188,000 Supplies - factory Miscellaneous cost - factory 5,700 3,600

3. Below is information pertaining to The Lime Green Wasp Corporation for the current year. On a separate sheet of paper, prepare the Income Statement and The Statement of Cost of Goods Manufactured for the current year. Inventories 01/01/X1 12/31/X1 Materials 165,000 210,000 Work in Process 306,000 290,000 Finished Goods 298,000 284,000 Advertising Expense Depreciation Exp - office equipment Depreciation Exp - factory equipment 148,000 21,000 20,900 Direct Labor 360,000 Heat, lighting, & power - factory 8,400 Indirect labor 29,100 Materials purchased Office salaries expense 325,000 115,000 Property taxes - factory Property taxes - office building Rent expense - factory 6,800 18,000 11,500 Sales 1,530,000 Sales salaries expense 188,000 Supplies - factory Miscellaneous cost - factory 5,700 3,600

Name: 3. Below is information pertaining to The Lime Green Wasp Corporation
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Description: 3. Below is information pertaining to The Lime Green Wasp Corporation for the current year.On a separate sheet of paper, prepare the Income Statement and The Statement of Cost ofGoods Manufactured for the current year.Inventories01/01/X112/31/X1Mate

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

3. Below is information pertaining to The Lime Green Wasp Corporation for the current year.
On a separate sheet of paper, prepare the Income Statement and The Statement of Cost of
Goods Manufactured for the current year.
Inventories
01/01/X1
12/31/X1
Materials
165,000
210,000
Work in Process
306,000
290,000
Finished Goods
298,000
284,000
Advertising Expense
148,000
Depreciation Exp - office equipment
Depreciation Exp - factory equipment
21,000
20,900
Direct Labor
360,000
Heat, lighting, & power - factory
8,400
Indirect labor
29,100
Materials purchased
Office salaries expense
325,000
115,000
Property taxes - factory
Property taxes - office building
Rent expense - factory
6,800
18,000
11,500
Sales
1,530,000
Sales salaries expense
188,000
Supplies - factory
Miscellaneous cost - factory
5,700
3,600

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