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ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income statement (ignore income taxes). Sales Cost of goods sold Gross profit on sales Less: Selling and administrative expenses Net income MENAGA COMPANY $ type your answer... $ type your answer... type your answer... type your answer.... type your answer.... type your answer.... type your answer... type your answer... Income Statement For the Year Ended December 31 $type your answer... type your answer... $ type your answer... type your answer... type your answer...

ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income statement (ignore income taxes). Sales Cost of goods sold Gross profit on sales Less: Selling and administrative expenses Net income MENAGA COMPANY $ type your answer... $ type your answer... type your answer... type your answer.... type your answer.... type your answer.... type your answer... type your answer... Income Statement For the Year Ended December 31 $type your answer... type your answer... $ type your answer... type your answer... type your answer...

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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ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income statement (ignore income taxes). Sales Cost of goods sold Gross profit on sales Less: Selling and administrative expenses Net income MENAGA COMPANY $ type your answer... $ type your answer... type your answer... type your answer.... type your answer.... type your answer.... type your answer... type your answer... Income Statement For the Year Ended December 31 $type your answer... type your answer... $ type your answer... type your answer... type your answer...
Transcribed Image Text:ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income statement (ignore income taxes). Sales Cost of goods sold Gross profit on sales Less: Selling and administrative expenses Net income MENAGA COMPANY $ type your answer... $ type your answer... type your answer... type your answer.... type your answer.... type your answer.... type your answer... type your answer... Income Statement For the Year Ended December 31 $type your answer... type your answer... $ type your answer... type your answer... type your answer...
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