Q5. Various cost and sales data for Daxcon Company for the year 2022 appear in the table below: Finished goods inventory, beginning Finished goods inventory, ending $20,000 $40,000 Administrative expenses $110,000 Manufacturing overhead $105,000 Purchases of raw materials $125,000 Raw materials inventory, beginning $9,000 Raw materials inventory, ending $6,000 Direct labor $70,000 Work in process inventory, beginning $17,000 Work in process inventory, ending Sales $30,000 $500,000 $80,000 Selling expenses Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. a. Prepare a schedule of the cost of goods manufactured. b. Prepare an income statement for the company for the year 2022.
Q5. Various cost and sales data for Daxcon Company for the year 2022 appear in the table below: Finished goods inventory, beginning Finished goods inventory, ending $20,000 $40,000 Administrative expenses $110,000 Manufacturing overhead $105,000 Purchases of raw materials $125,000 Raw materials inventory, beginning $9,000 Raw materials inventory, ending $6,000 Direct labor $70,000 Work in process inventory, beginning $17,000 Work in process inventory, ending Sales $30,000 $500,000 $80,000 Selling expenses Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. a. Prepare a schedule of the cost of goods manufactured. b. Prepare an income statement for the company for the year 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Q5. Various cost and sales data for Daxcon Company for the year 2022 appear in the table below:
Finished goods inventory, beginning
Finished goods inventory, ending
$20,000
$40,000
Administrative expenses
$110,000
Manufacturing overhead
$105,000
Purchases of raw materials
$125,000
Raw materials inventory, beginning
$9,000
Raw materials inventory, ending
$6,000
Direct labor
$70,000
Work in process inventory, beginning
$17,000
Work in process inventory, ending
Sales
$30,000
$500,000
$80,000
Selling expenses
Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed.
a. Prepare a schedule of the cost of goods manufactured.
b. Prepare an income statement for the company for the year 2022.
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