E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,500 of indirect material) $ 24,800 36,200 111,000 $ 276,000 23,100 40,600 121,300 304,900 Note: The pre-determined overhead rate is 0.82 (82%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,320,000 and operating expenses were $245,000 for 2018.

E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,500 of indirect material) $ 24,800 36,200 111,000 $ 276,000 23,100 40,600 121,300 304,900 Note: The pre-determined overhead rate is 0.82 (82%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,320,000 and operating expenses were $245,000 for 2018.

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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