Ex3 The following data refer to the Fresno fashions co. for the year 2016Sales revenue 950,000\work in process inventory 31\12 was 30,000 work in process inventory I\I was 40,000selling and administration expenses 150,000 \ income tax expenses 90,000 \ purchases of raw materials 180,000raw materials inventory 31\12 was 25,000 \ raw materials inventory 1\1 was 40,000\ direct labor 200,000 \utilities pant 40,000 \ depreciation plant and equipment 60,000 | finished goods inventory in 31\12 was 50,000 \finished goods inventory in 1\1 was 20,000 Indirect materials 10,000 indirect labor 15,000 \ othermanufacturing overhead 80,000.Required:1. Prepare a schedule of cost of goods manufactured.2. Prepare income statement.

Cost of goods manufactured is a statement used for the managerial purpose to show the cost of…

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Business

Accounting

Prepare a schedule of cost of goods manufactured.

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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Question

Ex3 The following data refer to the Fresno fashions co. for the year 2016
Sales revenue 950,000\work in process inventory 31\12 was 30,000 work in process inventory I\I was 40,000
selling and administration expenses 150,000 \ income tax expenses 90,000 \ purchases of raw materials 180,000
raw materials inventory 31\12 was 25,000 \ raw materials inventory 1\1 was 40,000\ direct labor 200,000 \
utilities pant 40,000 \ depreciation plant and equipment 60,000 | finished goods inventory in 31\12 was 50,000 \
finished goods inventory in 1\1 was 20,000 Indirect materials 10,000 indirect labor 15,000 \ other
manufacturing overhead 80,000.
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare income statement.

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