Please do not give solution in image format thanku Required:1. This part of the question is not part of your Connect assignment.2. Prepare a cost of goods manufactured statement for the quarter.Direct materialsDirect materials available for useDirect materials usedOverheadRUSSELL MANUFACTURING COMPANYCost of Goods Manufactured StatementFor the Quarter Ending December 31, 2019Total manufacturing costsTotal work-in-processCost of goods manufactured3. Prepare a revised Income statement for the quarter.RUSSELL MANUFACTURING COMPANYIncome StatementFor the Quarter Ending December 31, 2019Cost of goods soldGoods available for saleCost of goods soldDeduct Selling and administrative expenses Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter endingDecember 31, 2019.SalesPurchases of materials (1)Payroll (2)AdvertisingAdministrative travelManufacturing utilitiesFacility rental (3)Depreciation (4)Sales commissionsAnnual Insurance (manufacturing)office utilitiesManagement salaries (5)Net IncomeNotes(1) 90% of the materials were direct(2) 80% direct labour, 20% indirect labour(3) 80% related to manufacturing(4) 80% related to manufacturing(5) 30% related to manufacturingDirect materials.work in processFinished goods$1,384, 100247,290267,10037,30027,90050,00093,00064,10044,00043,00022,700391,080896,710Furthermore, Posenthal compiled the following information with respect to inventories for the quarter (note that the company does notmaintain inventories of indirect materials)3#22011,430Beginning Ending17.02018,1009, Me2,510

NOTES1.The cost of goods manufactured (COGM), also called cost of goods completed, calculates the…

Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) office utilities Management salaries (5) Net Income Notes (1) 90% of the materials were dired (2) 80% dired labour, 20% indirect labour (3) 80% related to manufacturing 14) 80% related to manufacturing $1,384, 100 247,290 267,100 37,300 3 27,900 50,000 93,000 64,100 44,000 43,000 22,700 391,000 96,710

Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) office utilities Management salaries (5) Net Income Notes (1) 90% of the materials were dired (2) 80% dired labour, 20% indirect labour (3) 80% related to manufacturing 14) 80% related to manufacturing $1,384, 100 247,290 267,100 37,300 3 27,900 50,000 93,000 64,100 44,000 43,000 22,700 391,000 96,710

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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