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A manufacturing company reports the following information for the month of May. Note: Assume all raw materials were used as direct materials. Activities for May Advertising expense Raw materials purchases (all direct materials) Indirect labor Factory utilities Direct labor Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Inventories Beginning Ending Raw materials $ 15,400 $ 15,900 Work in process Finished goods 4,600 6,400 Required 1 Required 2 Prepare the income statement for May. Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured 5,000 7,200 Income Statement For Month Ended May 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Net income Gross profit Selling expenses General and administrative expenses $ $4,500 Office salaries expense 77,000 Rent expense-Office space 7,000 Rent expense-Selling space 3,640 Rent expense-Factory building 46,800 Sales salaries expense 2,400 Sales 2,500 Maintenance expense-Factory equipment 6,700 6,400 158,750 165,150 7,200 $ 257,600 Activities for May $ 157,950 99,650 99,650 $4,200 2,500 6,000 14,400 34,600 257,600 4,110

A manufacturing company reports the following information for the month of May. Note: Assume all raw materials were used as direct materials. Activities for May Advertising expense Raw materials purchases (all direct materials) Indirect labor Factory utilities Direct labor Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Inventories Beginning Ending Raw materials $ 15,400 $ 15,900 Work in process Finished goods 4,600 6,400 Required 1 Required 2 Prepare the income statement for May. Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured 5,000 7,200 Income Statement For Month Ended May 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Net income Gross profit Selling expenses General and administrative expenses $ $4,500 Office salaries expense 77,000 Rent expense-Office space 7,000 Rent expense-Selling space 3,640 Rent expense-Factory building 46,800 Sales salaries expense 2,400 Sales 2,500 Maintenance expense-Factory equipment 6,700 6,400 158,750 165,150 7,200 $ 257,600 Activities for May $ 157,950 99,650 99,650 $4,200 2,500 6,000 14,400 34,600 257,600 4,110

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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A manufacturing company reports the following information for the month of May. Note: Assume all raw materials were used as direct materials. Activities for May Advertising expense Raw materials purchases (all direct materials) Indirect labor Factory utilities Direct labor Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Inventories Beginning Ending Raw materials $ 15,400 $ 15,900 Work in process 5,000 Finished goods 7,200 4,600 6,400 Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the income statement for May. Income Statement For Month Ended May 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Net income Gross profit Selling expenses General and administrative expenses $ < Required 1 $4,500 Office salaries expense 77,000 Rent expense-Office space 7,000 Rent expense-Selling space 3,640 Rent expense-Factory building 46,800 Sales salaries expense 2,400 Sales 2,500 Maintenance expense-Factory equipment 6,700 6,400 158,750 165,150 7,200 $ $ 257,600 157,950 99,650 Activities for May 99,650 Required 2 > $ 4,200 2,500 6,000 14,400 34,600 257,600 4,110
Transcribed Image Text:A manufacturing company reports the following information for the month of May. Note: Assume all raw materials were used as direct materials. Activities for May Advertising expense Raw materials purchases (all direct materials) Indirect labor Factory utilities Direct labor Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Inventories Beginning Ending Raw materials $ 15,400 $ 15,900 Work in process 5,000 Finished goods 7,200 4,600 6,400 Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare the income statement for May. Income Statement For Month Ended May 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Net income Gross profit Selling expenses General and administrative expenses $ < Required 1 $4,500 Office salaries expense 77,000 Rent expense-Office space 7,000 Rent expense-Selling space 3,640 Rent expense-Factory building 46,800 Sales salaries expense 2,400 Sales 2,500 Maintenance expense-Factory equipment 6,700 6,400 158,750 165,150 7,200 $ $ 257,600 157,950 99,650 Activities for May 99,650 Required 2 > $ 4,200 2,500 6,000 14,400 34,600 257,600 4,110
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