Accounting Chosen totals and balances of accounts are as follows (in USD): Expenses by nature 350 000 Expenses accounted for ……… Direct costs of production 280 000 Administrative expenses 30 000 Distribution expenses 40 000 Finished goods (350 items at 38 USD each) 13 300 During one month company produced 5 000 items of finished goods. The cost per unit was 42 USD. Company sold 5 300 items at 55 USD each, VAT 23%. Sold goods were delivered to the customers. Prepare all suitable entries and calculate profit and loss by nature. Measure inventory flows base on LiFo method. Check and explain variation in stocks. Prepare income statement by function.
Accounting Chosen totals and balances of accounts are as follows (in USD): Expenses by nature 350 000 Expenses accounted for ……… Direct costs of production 280 000 Administrative expenses 30 000 Distribution expenses 40 000 Finished goods (350 items at 38 USD each) 13 300 During one month company produced 5 000 items of finished goods. The cost per unit was 42 USD. Company sold 5 300 items at 55 USD each, VAT 23%. Sold goods were delivered to the customers. Prepare all suitable entries and calculate profit and loss by nature. Measure inventory flows base on LiFo method. Check and explain variation in stocks. Prepare income statement by function.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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Accounting
Chosen totals and balances of accounts are as follows (in USD):
- Expenses by nature 350 000
- Expenses accounted for ………
- Direct costs of production 280 000
- Administrative expenses 30 000
- Distribution expenses 40 000
- Finished goods (350 items at 38 USD each) 13 300
During one month company produced 5 000 items of finished goods. The cost per unit was 42 USD. Company sold 5 300 items at 55 USD each, VAT 23%. Sold goods were delivered to the customers.
Prepare all suitable entries and calculate
Check and explain variation in stocks. Prepare income statement by function.
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