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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 materials Direct materials available for use Direct materials used Overhead RUSSELL MANUFACTURING COMPANY Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Total manufacturing costs Total work-in-process Cost of goods manufactured 3. Prepare a revised Income statement for the quarter. RUSSELL MANUFACTURING COMPANY Income Statement For the Quarter Ending December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Deduct Selling and administrative expenses
Transcribed Image Text: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 materials Direct materials available for use Direct materials used Overhead RUSSELL MANUFACTURING COMPANY Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Total manufacturing costs Total work-in-process Cost of goods manufactured 3. Prepare a revised Income statement for the quarter. RUSSELL MANUFACTURING COMPANY Income Statement For the Quarter Ending December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Deduct Selling and administrative expenses
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending 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 direct (2) 80% direct labour, 20% indirect labour (3) 80% related to manufacturing (4) 80% related to manufacturing (5) 30% related to manufacturing Direct materials. work in process Finished goods $1,384, 100 247,290 267,100 37,300 27,900 50,000 93,000 64,100 44,000 43,000 22,700 391,0808 96,710 Furthermore, Posenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials) 3 #220 11,430 Beginning Ending 17.020 18,100 9, Me 2,510
Transcribed Image Text:Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending 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 direct (2) 80% direct labour, 20% indirect labour (3) 80% related to manufacturing (4) 80% related to manufacturing (5) 30% related to manufacturing Direct materials. work in process Finished goods $1,384, 100 247,290 267,100 37,300 27,900 50,000 93,000 64,100 44,000 43,000 22,700 391,0808 96,710 Furthermore, Posenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials) 3 #220 11,430 Beginning Ending 17.020 18,100 9, Me 2,510
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