Masay Company provided the following information for theb. Income statement using the "cost of goods sold" methoda: Statement of cost of goods manufacturedProblem 9-2 (LAA)current year:SalesInventories - January 1:Raw materialsGoods in processFinished goodsInventories - December 31:Raw materialsGoods in processFinishéd goodsPurchasesDirect laborIndirect laborSuperintendenceLight, heat and powerRent - factory buildingRepair and maintenance - machineryFactory supplies usedSales salariesAdvertisingDepreciation - store equipmentOffice salariesDepreciation - office equipmentDepreciation - machinerySales returns and allowancesInterest incomeGain on sale of equipmentDelivery expensesAccounting and legal feesOffice expense8Earthquake lossGain fromIncome tax expense7,500,000200,000240,000360,000280,000170,000300,0003,000,000950,000250,000210,000320,000120,00050,00010,000400,000160,00070,000150,00040,00060,00050,000-10,000100,000200,000150,000250,000300,000100,000320,000expropriation of assetRequired:Statement of cost of goods manufactured

Based on the information provided, cost of goods manufactured needs to be prepared. Cost of goods…

Answered: b. Income statement using the "cost of…

b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured Required: * Statement of cost of goods manufactured

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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Question

Masay Company provided the following information for the
b. Income statement using the "cost of goods sold" method
a: Statement of cost of goods manufactured
Problem 9-2 (LAA)
current year:
Sales
Inventories - January 1:
Raw materials
Goods in process
Finished goods
Inventories - December 31:
Raw materials
Goods in process
Finishéd goods
Purchases
Direct labor
Indirect labor
Superintendence
Light, heat and power
Rent - factory building
Repair and maintenance - machinery
Factory supplies used
Sales salaries
Advertising
Depreciation - store equipment
Office salaries
Depreciation - office equipment
Depreciation - machinery
Sales returns and allowances
Interest income
Gain on sale of equipment
Delivery expenses
Accounting and legal fees
Office expense8
Earthquake loss
Gain from
Income tax expense
7,500,000
200,000
240,000
360,000
280,000
170,000
300,000
3,000,000
950,000
250,000
210,000
320,000
120,000
50,000
10,000
400,000
160,000
70,000
150,000
40,000
60,000
50,000-
10,000
100,000
200,000
150,000
250,000
300,000
100,000
320,000
expropriation of asset
Required:
Statement of cost of goods manufactured

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