INVENTORY: Raw materials Work in process Finished goods Beginning of the year $ 18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 REQUIRED: 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales wer $ 500 000
INVENTORY: Raw materials Work in process Finished goods Beginning of the year $ 18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 REQUIRED: 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales wer $ 500 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
![●
●
Direct labour cost
Purchases of raw materials
Indirect labour
Maintenance of factory equipment
● Advertising expense
Insurance of factory equipment
Sales salaries
Rent of factory facilities
Supplies
Depreciation of office equipment
Depreciation of factory equipment
$70 000
120 000
45 000
6 000
90 000
1 900
50 000
24 000
3 600
4 500
17 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcbd50b7-9399-475b-b40e-31cf3d894949%2Faa7e18df-1734-46c3-a40c-ead097dedbf7%2F05ae7dl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:●
●
Direct labour cost
Purchases of raw materials
Indirect labour
Maintenance of factory equipment
● Advertising expense
Insurance of factory equipment
Sales salaries
Rent of factory facilities
Supplies
Depreciation of office equipment
Depreciation of factory equipment
$70 000
120 000
45 000
6 000
90 000
1 900
50 000
24 000
3 600
4 500
17 000
![INVENTORY :
Raw materials
Work in process
Finished goods
REQUIRED:
Beginning of the year
$18 000
10 300
23 000
End of the year
$ 12 500
15 150
18 100
1. Prepare a schedule of the cost of the goods manufactured
2. Prepare the multi-step income statement of the year assuming that the total net sales were
$500 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcbd50b7-9399-475b-b40e-31cf3d894949%2Faa7e18df-1734-46c3-a40c-ead097dedbf7%2Ft0mmcwi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:INVENTORY :
Raw materials
Work in process
Finished goods
REQUIRED:
Beginning of the year
$18 000
10 300
23 000
End of the year
$ 12 500
15 150
18 100
1. Prepare a schedule of the cost of the goods manufactured
2. Prepare the multi-step income statement of the year assuming that the total net sales were
$500 000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education