c) The following data from the just completed year are taken from the accounting records of Eccles Company: Sales ...... Direct labor cost..... Sells Commission.. Raw material purchases. Selling expenses.. Advertising Expense.. Administrative expenses. Depreciation Expense. Insurance Expense. Actual manufacturing overhead costs.. Manufacturing overhead budgeted Sales commission..... Inventories. Raw materials Work in process Finished goods Beginning of Year $8,000 $5,000 $70,000 .$750,000 ......$90,000 ..$10000 $132,000 . $100,000 .....$5000 ....$43,000 .$11000 .$8000 $220,000 ..... $ 221000 ......$ 5000 End of Year $10,000 $20,000 $25,000 quirements: Prepare a cost sheet showing cost of goods manufactured and cost of goods sold. Prepare an income statement.
c) The following data from the just completed year are taken from the accounting records of Eccles Company: Sales ...... Direct labor cost..... Sells Commission.. Raw material purchases. Selling expenses.. Advertising Expense.. Administrative expenses. Depreciation Expense. Insurance Expense. Actual manufacturing overhead costs.. Manufacturing overhead budgeted Sales commission..... Inventories. Raw materials Work in process Finished goods Beginning of Year $8,000 $5,000 $70,000 .$750,000 ......$90,000 ..$10000 $132,000 . $100,000 .....$5000 ....$43,000 .$11000 .$8000 $220,000 ..... $ 221000 ......$ 5000 End of Year $10,000 $20,000 $25,000 quirements: Prepare a cost sheet showing cost of goods manufactured and cost of goods sold. Prepare an income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:c) The following data from the just completed year are taken from the accounting records of Eccles
Company:
Sales
Direct labor cost
Sells Commission..
Raw material purchases
Selling expenses..
Advertising Expense...
Administrative expenses.
Depreciation Expense..
Insurance Expense....
Actual manufacturing overhead costs.
Manufacturing overhead budgeted
Sales commission....
Inventories
Raw materials
Work in process
Finished goods
Beginning of Year
$8,000
$5,000
$70,000
.$750,000
.$90,000
.$10000
$132,000
.$100,000
.$5000
.$43,000
.$11000
.$8000
$220,000
$ 221000
..$ 5000
End of Year
$10,000
$20,000
$25,000
Requirements:
i. Prepare a cost sheet showing cost of goods manufactured and cost of goods sold.
ii. Prepare an income statement.
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