OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Materials inventory, December 31(a)123,730Materials purchased206,020(a)Cost of direct materials used in production217,370(b)Direct labor305,780246,380Factory overhead94,900122,640Total manufacturing costs incurred in December(b)708,470Total manufacturing costs773,780773,780Work in process inventory, December 1155,730263,900Work in process inventory, December 31131,400(c)Cost of goods manufactured(c)701,900Finished goods inventory, December 1137,080122,640Finished goods inventory, December 31143,560(d)Sales1,195,5601,095,000Cost of goods sold(d)708,470Gross profit(e)(e)Operating expenses155,730(f)Net income(f)243,090 3. Prepare On Company's income statement for December.On CompanyIncome StatementFor the Month Ended December 31Cost of goods sold:

Name: OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Mater
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Description: OnffCompanyCompanyMaterials inventory, December 1$81,110$109,500Materials inventory, December 31(a)123,730Materials purchased206,020(a)Cost of direct materials used in production217,370(b)Direct labor305,780246,380Factory overhead94,900122,640Total

Income statement means the statement which show sale revenue , cost of goods sold , gross profit…

Answered: 3. Prepare On Company's income…

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3. Prepare On Company's income statement for December. On Company Income Statement For the Month Ended December 31 Cost of goods sold:

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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How is average selling period computed ?a) It is equal to Cost of the goods sold / 365 b) It is equal to 365 / Net salesc) It is equal to 365 / finished goods inventory turnoverd) It is equal to 365 / Cost of the goods sold
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Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
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Continued from previous question
How do you calculate the selling expense and intital direct cost journal entry values on December 31 in part c?
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