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Pharoah Corporation has the following information available about its July, 2022 production: 1. 2 3. 4. 5. Finished goods inventory on July 1, 2022 is $28,020 and on July 31, 2022 is $24,360. Work in process inventory on July 1, 2022 is $24,360 and on July 31, 2022 is $23,480. Raw materials inventory on July 1, 2022 is $10,760 and on July 31, 2022 is $8,130. Direct materials used in production in July were $44,700. Direct labour incurred in production in July was $29,700 and manufacturing overhead applied to production was $41,700. Net sales for July, 2022 were $157,500. Prepare a condensed cost of goods manufactured schedule for July 2022. PharoahCorporation Cost of Goods Manufactured Prepare an income statement up to gross profit for July 2022. PharoahCorporation Income Statement $ Indicate the inventory balances that appear on the balance sheet at July 31, 2022. (List assets in order of liquidity.) PharoahCorporation Balance Sheet (Partial) $ $

Pharoah Corporation has the following information available about its July, 2022 production: 1. 2 3. 4. 5. Finished goods inventory on July 1, 2022 is $28,020 and on July 31, 2022 is $24,360. Work in process inventory on July 1, 2022 is $24,360 and on July 31, 2022 is $23,480. Raw materials inventory on July 1, 2022 is $10,760 and on July 31, 2022 is $8,130. Direct materials used in production in July were $44,700. Direct labour incurred in production in July was $29,700 and manufacturing overhead applied to production was $41,700. Net sales for July, 2022 were $157,500. Prepare a condensed cost of goods manufactured schedule for July 2022. PharoahCorporation Cost of Goods Manufactured Prepare an income statement up to gross profit for July 2022. PharoahCorporation Income Statement $ Indicate the inventory balances that appear on the balance sheet at July 31, 2022. (List assets in order of liquidity.) PharoahCorporation Balance Sheet (Partial) $ $

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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Pharoah Corporation has the following information available about its July, 2022 production: 1. 2. 3. 4. Finished goods inventory on July 1, 2022 is $28,020 and on July 31, 2022 is $24,360. Work in process inventory on July 1, 2022 is $24,360 and on July 31, 2022 is $23,480. Raw materials inventory on July 1, 2022 is $10,760 and on July 31, 2022 is $8,130. Direct materials used in production in July were $44,700. Direct labour incurred in production in July was $29,700 and manufacturing overhead applied to production was $41,700. Net sales for July, 2022 were $157,500. Prepare a condensed cost of goods manufactured schedule for July 2022. PharoahCorporation Cost of Goods Manufactured v $ Prepare an income statement up to gross profit for July 2022. PharoahCorporation Income Statement $ PharoahCorporation Balance Sheet (Partial) $ $ Indicate the inventory balances that appear on the balance sheet at July 31, 2022. (List assets in order of liquidity.)
Transcribed Image Text:Pharoah Corporation has the following information available about its July, 2022 production: 1. 2. 3. 4. Finished goods inventory on July 1, 2022 is $28,020 and on July 31, 2022 is $24,360. Work in process inventory on July 1, 2022 is $24,360 and on July 31, 2022 is $23,480. Raw materials inventory on July 1, 2022 is $10,760 and on July 31, 2022 is $8,130. Direct materials used in production in July were $44,700. Direct labour incurred in production in July was $29,700 and manufacturing overhead applied to production was $41,700. Net sales for July, 2022 were $157,500. Prepare a condensed cost of goods manufactured schedule for July 2022. PharoahCorporation Cost of Goods Manufactured v $ Prepare an income statement up to gross profit for July 2022. PharoahCorporation Income Statement $ PharoahCorporation Balance Sheet (Partial) $ $ Indicate the inventory balances that appear on the balance sheet at July 31, 2022. (List assets in order of liquidity.)
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