Iron Sheets Company had the following information for the month of June 2021. Sales Purchases Sales and administrative expenses V Factory overhead V Direct labor Shs. 257,000 92.000 79,000 37,000 25.000 Work in process, June 1 22,000 Work in process, June 30 Raw Material inventory, June 1 Raw Material inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 18.500 6.000 8,000 21,000 25,000 Prepare the following: A manufacturing account An income statement for the month ended June 30, 2021 The inventory section of the statement of financial statement.
Iron Sheets Company had the following information for the month of June 2021. Sales Purchases Sales and administrative expenses V Factory overhead V Direct labor Shs. 257,000 92.000 79,000 37,000 25.000 Work in process, June 1 22,000 Work in process, June 30 Raw Material inventory, June 1 Raw Material inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 18.500 6.000 8,000 21,000 25,000 Prepare the following: A manufacturing account An income statement for the month ended June 30, 2021 The inventory section of the statement of financial statement.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
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. Iron Sheets Company had the following information for the month of June 2021.
Sales
Purchases
Sales and administrative expenses
V Factory
V Direct labor
Shs.
257,000
92.000
79,000
37,000
25.000
Work in process, June 1
22,000
Work in process, June 30
Raw Material inventory, June 1
Raw Material inventory, June 30
Finished goods inventory, June 1
Finished goods inventory, June 30
18.500
6.000
8,000
21,000
25,000
Prepare the following:
A manufacturing account
An income statement for the month ended June 30, 2021
The inventory section of the statement of financial statement.
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