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Masay Company provided the following information for the Problem 9-2 (IAA) current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods 7,500,000 200,000 240,000 360,000 ntories. December 31.

Masay Company provided the following information for the Problem 9-2 (IAA) current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods 7,500,000 200,000 240,000 360,000 ntories. December 31.

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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Provide the following requirement (a,b and c) of the problem:
Problem 9-2 (IAA) Masay Company provided the following information for the current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finishéd goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office şalaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 10,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 - 10,000 100,000 200,000 150,000 250,000 300,000 100,000 320,000 Required: a. Statement of cost of goods manufactured * Income statement using the "cost of goods sold" method C. Income statement using the "nature of expense" method
Transcribed Image Text:Problem 9-2 (IAA) Masay Company provided the following information for the current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finishéd goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office şalaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 10,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 - 10,000 100,000 200,000 150,000 250,000 300,000 100,000 320,000 Required: a. Statement of cost of goods manufactured * Income statement using the "cost of goods sold" method C. Income statement using the "nature of expense" method
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