DeeZees makes evening dresses. The following information was gathered from the company records for the year, the first year of company operations. Work in Process Inventory at the end of the year was $6,300.d. If net income was $50,000, what were total selling and administrative expenses for the year? Direct material purchased on account$222,000Direct material issued to production178,800Direct labor payroll accrued129,000Indirect labor payroll accrued37,200Prepaid factory insurance expired1,200Factory utilities paid8,580Depreciation on factory equipment recorded13,020Factory rent paid50,400Sales (all on account)572,400The company's gross profit rate for the year was 35 percent.

Name: DeeZees makes evening dresses. The following information was gathered
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Description: DeeZees makes evening dresses. The following information was gathered from the company records for the year, the first year of company operations. Work in Process Inventory at the end of the year was $6,300.d. If net income was $50,000, what were tot

Selling and Administrative Expenses: It is inclusive of all operating expenses of running an…

Answered: DeeZees makes evening dresses. The…

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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DeeZees makes evening dresses. The following information was gathered from the company records for the year, the first year of company operations. Work in Process Inventory at the end of the year was $6,300.

d. If net income was $50,000, what were total selling and administrative expenses for the year?

Direct material purchased on account
$222,000
Direct material issued to production
178,800
Direct labor payroll accrued
129,000
Indirect labor payroll accrued
37,200
Prepaid factory insurance expired
1,200
Factory utilities paid
8,580
Depreciation on factory equipment recorded
13,020
Factory rent paid
50,400
Sales (all on account)
572,400
The company's gross profit rate for the year was 35 percent.

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