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Business
Accounting
Sales revenue 2205000 Raw material inventory 12/31/x1 89000 Purchase of raw material in 2x2 731000 Raw material inventory 12/31/x2 59000 Direct labor cost incurred 474000 Selling and Advertisement expenses 269000 Indirect labor cost incurred 15000 Property taxes on factory 90000 Deprecation on factory building 125000 Income tax expense 25000 Indirect material used 45000 Deprecation on factory equipment 60000 Insurance on factory & equipment 40000 Utilities for factory 70000 WIP inventor 12/31/x1 0 WIP inventor  12/31/x2 40000 Finish good  inventory 12/31/x1 35000 Finish good  inventory 12/31/x2 40000 Applied manufacturing overhead 587500                     Required Calculate Cost of goods manufactured Cost of goods sold Net Income

Sales revenue 2205000 Raw material inventory 12/31/x1 89000 Purchase of raw material in 2x2 731000 Raw material inventory 12/31/x2 59000 Direct labor cost incurred 474000 Selling and Advertisement expenses 269000 Indirect labor cost incurred 15000 Property taxes on factory 90000 Deprecation on factory building 125000 Income tax expense 25000 Indirect material used 45000 Deprecation on factory equipment 60000 Insurance on factory & equipment 40000 Utilities for factory 70000 WIP inventor 12/31/x1 0 WIP inventor  12/31/x2 40000 Finish good  inventory 12/31/x1 35000 Finish good  inventory 12/31/x2 40000 Applied manufacturing overhead 587500                     Required Calculate Cost of goods manufactured Cost of goods sold Net Income

FINANCIAL ACCOUNTING
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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Question

 

Sales revenue

2205000

Raw material inventory 12/31/x1

89000

Purchase of raw material in 2x2

731000

Raw material inventory 12/31/x2

59000

Direct labor cost incurred

474000

Selling and Advertisement expenses

269000

Indirect labor cost incurred

15000

Property taxes on factory

90000

Deprecation on factory building

125000

Income tax expense

25000

Indirect material used

45000

Deprecation on factory equipment

60000

Insurance on factory & equipment

40000

Utilities for factory

70000

WIP inventor 12/31/x1

0

WIP inventor  12/31/x2

40000

Finish good  inventory 12/31/x1

35000

Finish good  inventory 12/31/x2

40000

Applied manufacturing overhead

587500

 

 

 

 

 

 

 

 

 

 

Required

Calculate

  1. Cost of goods manufactured
  2. Cost of goods sold
  3. Net Income

 

 

 

 

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