4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019: Particulars Amount Raw materials inventory, January 1 $500,000 Raw materials inventory, December 31 50,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 100,000 Depreciation, factory 120,000 Purchase of raw materials 2,500,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 20,000 Administrative expenses 150,000 Indirect labor 200,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 31 100,000 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 150,000 Management wants these date organized in a better format so that financial statements can be prepared for the year. Required: Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold Prepare a pro forma income statement for December, 2019.
4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019: Particulars Amount Raw materials inventory, January 1 $500,000 Raw materials inventory, December 31 50,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 100,000 Depreciation, factory 120,000 Purchase of raw materials 2,500,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 20,000 Administrative expenses 150,000 Indirect labor 200,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 31 100,000 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 150,000 Management wants these date organized in a better format so that financial statements can be prepared for the year. Required: Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold Prepare a pro forma income statement for December, 2019.
4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019: Particulars Amount Raw materials inventory, January 1 $500,000 Raw materials inventory, December 31 50,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 100,000 Depreciation, factory 120,000 Purchase of raw materials 2,500,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 20,000 Administrative expenses 150,000 Indirect labor 200,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 31 100,000 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 150,000 Management wants these date organized in a better format so that financial statements can be prepared for the year. Required: Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold Prepare a pro forma income statement for December, 2019.
Q3) 4. The following information has been taken from the accounting records of Manufacturing company for year December, 2019:
Particulars
Amount
Raw materials inventory, January 1
$500,000
Raw materials inventory, December 31
50,000
Selling expenses
50,000
Utilities, factory
50,000
Direct labor cost
100,000
Depreciation, factory
120,000
Purchase of raw materials
2,500,000
Sales
5,000,000
Insurance, factory
50,000
Supplies, factory
20,000
Administrative expenses
150,000
Indirect labor
200,000
Maintenance, factory
100,000
Work in progress inventory, January 1
150,000
Work in progress inventory, December 31
100,000
Finished goods inventory, January 1
250,000
Finished goods inventory, December 31
150,000
Management wants these date organized in a better format so that financial statements can be prepared for the year.
Required:
Prepare a schedule of cost of goods manufactured.
Prepare the cost of goods sold
Prepare a pro forma income statement for December, 2019.
Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video
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