Prepare a statement of cost of goods manufactured for the month of Prepare an income statement for the month of

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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Information from the records of the Sally Ann Company for the month of May 2019 is as follows:

 

Purchases of direct materials

 $54,000

Indirect labor

15,000

Direct labor

31,200

Depreciation on factory machinery

9,000

Sales

165,900

Selling and administrative expenses

18,900

Rent on factory building

21,000

 

Inventories

 

May 1, 2019

May 31, 2019

Direct materials

$24,000

$26,100

Work in process

6,300

9,600

Finished goods

15,000

17,100

 

 

 

 

Required:

  1. Prepare a statement of cost of goods manufactured for the month of
  2. Prepare an income statement for the month of
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