QS 14-11 (Algo) Preparing an income statement LO P1Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not allinformation given is needed for the solution.Finished goods inventory, endingGeneral and administrative expenses$ 16,800Accounts receivableFinished goods inventory, beginningCost of goods manufacturedSelling expenses14,80018,80019,80040,80012,80055,80028,800CashLandSalesEquipment93,6001,800REX MANUFACTURINGIncome StatementFor Year Ended December 31Cost of goods sold< Prev5 of 10ere to searchNext> QS 14-8 (Algo) Computing cost of goods sold for a manufacturer LO P1Compute cost of goods sold using the following information.Finished goods inventory, beginningWork in process inventory, beginningWork in process inventory, endingCost of goods manufacturedFinished goods inventory, ending$ 366,00085,50075,600961,300316,000Cost of Goods Sold is Computed as:Cost of goods sold2$

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Description: QS 14-11 (Algo) Preparing an income statement LO P1Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not allinformation given is needed for the solution.Finished goods inventory, e

REX MANUFACTURING Income Statement For Year Ended December 31 Sales $ 93,600 Cost of…

Business

Accounting

QS 14-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses $ 16,800 14,800 18,800 19,800 40,800 Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses 12,800 55,800 28,800 Cash Land Sales Equipment 93,600 1,800 REX MANUFACTURING

QS 14-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses $ 16,800 14,800 18,800 19,800 40,800 Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses 12,800 55,800 28,800 Cash Land Sales Equipment 93,600 1,800 REX MANUFACTURING

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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Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
Exercise 5 - 10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06]The following data from the just - completed year are taken from the accounting records of Eccles Company:Sales S 713, OOODirect labour cost 100, 000Raw material purchases 142, 000Selling expenses 110, 000Administrative expenses 53, 000Manufacturing overhead applied to work in process 220, 000Actual manufacturing overhead costs 240, 000 Inventory Beginning of Year End of YearRaw materials S 9, 000 S 11, 000Work in process 6, 000 21, 000Finished goods 71, 000 26, 000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold.
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