he following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200 Direct-labor cost incurred 79,000 Raw-material inventory, 12/31/x1 11,000 Accounts receivable, 12/31/x1 4,200 Rental for warehouse space to store raw material 3,000 Rental of space for company president’s office 1,600 Applied manufacturing overhead 58,000 Sales revenue 209,800 Income tax expense 5,100

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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The following data refer to Twisto Pretzel Company for the year 20x1.


Work-in-process inventory, 12/31/x0	$	8,000
Selling and administrative salaries		13,700
Insurance on factory and equipment		3,600
Work-in-process inventory, 12/31/x1		8,200
Finished-goods inventory, 12/31/x0		14,000
Cash balance, 12/31/x1		7,000
Indirect material used		4,600
Depreciation on factory equipment		2,100
Raw-material inventory, 12/31/x0		10,100
Property taxes on factory		2,400
Finished-goods inventory, 12/31/x1		15,400
Purchases of raw material in 20x1		39,000
Utilities for factory		6,000
Utilities for sales and administrative offices		2,300
Other selling and administrative expenses		3,800
Indirect-labor cost incurred		29,000
Depreciation on factory building		3,600
Depreciation on cars used by sales personnel		1,200
Direct-labor cost incurred		79,000
Raw-material inventory, 12/31/x1		11,000
Accounts receivable, 12/31/x1		4,200
Rental for warehouse space to store raw material		3,000
Rental of space for company president’s office		1,600
Applied manufacturing overhead		58,000
Sales revenue		209,800
Income tax expense		5,100

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