For Year Ended December 31 Sales Cost of goods sold Clothes $ 825,500 Shoes $ 444,500 288,925 Direct expenses: Wages Supplies used Depreciation 420,000 123,000 84,000 13,500 10,700 18,000 12,500 The company reports the following indirect expenses for the year. Indirect Expense Utilities Supervisor salaries Amount $ 7,200 33,000 Allocation Base Square feet of space occupied Number of employees in department Additional information about the two departments follows. Department Square Footage Number of Employees Clothes Shoes 26,400 17,600 60 40 Required: 1. Allocate indirect expenses to the two operating departments. 2. Prepare departmental income statements.

For Year Ended December 31 Sales Cost of goods sold Clothes $ 825,500 Shoes $ 444,500 288,925 Direct expenses: Wages Supplies used Depreciation 420,000 123,000 84,000 13,500 10,700 18,000 12,500 The company reports the following indirect expenses for the year. Indirect Expense Utilities Supervisor salaries Amount $ 7,200 33,000 Allocation Base Square feet of space occupied Number of employees in department Additional information about the two departments follows. Department Square Footage Number of Employees Clothes Shoes 26,400 17,600 60 40 Required: 1. Allocate indirect expenses to the two operating departments. 2. Prepare departmental income statements.

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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