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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 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.

FINANCIAL ACCOUNTING
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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. 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. 

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