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Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information. For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials: WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 92,500 12,500 19,500 43,500 5,000 62,500 30,000 71,000 475,000 27,000 1,000 81,000 21,000 65,000 7,000 30,000 10,000 40,000

Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information. For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials: WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 92,500 12,500 19,500 43,500 5,000 62,500 30,000 71,000 475,000 27,000 1,000 81,000 21,000 65,000 7,000 30,000 10,000 40,000

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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Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information. For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 92,500 12,500 19,500 43,500 5,000 62,500 30,000 71,000 475,000 27,000 1,000 81,000 21,000 65,000 7,000 30,000 10,000 40,000
Transcribed Image Text:Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information. For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 92,500 12,500 19,500 43,500 5,000 62,500 30,000 71,000 475,000 27,000 1,000 81,000 21,000 65,000 7,000 30,000 10,000 40,000
Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials: WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Manufacturing overhead: Total overhead costs Total manufacturing costs 2. Prepare an income statement. Cost of goods sold: WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Selling and administrative expenses
Transcribed Image Text:Required: 1. Prepare a schedule of cost of goods manufactured. Direct materials: WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Manufacturing overhead: Total overhead costs Total manufacturing costs 2. Prepare an income statement. Cost of goods sold: WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Selling and administrative expenses
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