Information from the records of the Sally Ann Company for the month of May 2019 is as follows: Purchases of direct materials $54,000Indirect labor15,000Direct labor31,200Depreciation on factory machinery9,000Sales165,900Selling and administrative expenses18,900Rent on factory building21,000 Inventories May 1, 2019May 31, 2019Direct materials$24,000$26,100Work in process6,3009,600Finished goods15,00017,100 Required:Prepare a statement of cost of goods manufactured for the month ofPrepare an income statement for the month of

Cost of goods manufactured is the accumulation of all costs till manufacture stage.

Answered: Prepare a statement of cost of goods…

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:

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

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