QUESTION 1 Instructions: Using the information below, prepare an income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Big Products Corp: Direct materials purchased during the year $439,000 January 1 December 31 Indirect materials $9,000 Supervisor's salaries $31,000 Factory maintenance $35,000 Operating expenses $70,000 Direct materials inventory Work-in-process inventory $19,000 $68,000 47,000 28,000 Direct labor $125,000 Sales $720,000 Finished goods inventory 18,000 32,000

QUESTION 1 Instructions: Using the information below, prepare an income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Big Products Corp: Direct materials purchased during the year $439,000 January 1 December 31 Indirect materials $9,000 Supervisor's salaries $31,000 Factory maintenance $35,000 Operating expenses $70,000 Direct materials inventory Work-in-process inventory $19,000 $68,000 47,000 28,000 Direct labor $125,000 Sales $720,000 Finished goods inventory 18,000 32,000

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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