Q.2.Allure Company produces women’s clothing. During 2004, the company incurred the following costs: Factory rent 265,000 Direct labor 325,000 Utilities-Factory 88,000 Purchases of direct materials 465,000 Indirect materials 70,000 Indirect labors 35,000 Inventories for the year were as follows: January 1 December 31 Direct materials 90,000 50,000 Work in process 40,000 85,000 Finished goods 115,000 95,000 Required 1. Prepare a statement of cost of goods manufactured; and 2. Calculate cost of goods sold?
Q.2.Allure Company produces women’s clothing. During 2004, the company incurred the following costs: Factory rent 265,000 Direct labor 325,000 Utilities-Factory 88,000 Purchases of direct materials 465,000 Indirect materials 70,000 Indirect labors 35,000 Inventories for the year were as follows: January 1 December 31 Direct materials 90,000 50,000 Work in process 40,000 85,000 Finished goods 115,000 95,000 Required 1. Prepare a statement of cost of goods manufactured; and 2. Calculate cost of goods sold?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q.2.Allure Company produces women’s clothing. During 2004, the company incurred the following costs:
|
Factory rent |
265,000 |
|
Direct labor |
325,000 |
|
Utilities-Factory |
88,000 |
|
Purchases of direct materials |
465,000 |
|
Indirect materials |
70,000 |
|
Indirect labors |
35,000 |
Inventories for the year were as follows:
|
|
January 1 |
December 31 |
|
Direct materials |
90,000 |
50,000 |
|
Work in process |
40,000 |
85,000 |
|
Finished goods |
115,000 |
95,000 |
Required
1. Prepare a statement of cost of goods manufactured; and
2. Calculate cost of goods sold?
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