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The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,100 41,600 96,800 27,800 21,300 27,900 144,350 26,360 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $34,600 5,200 16,800 29,700 9,550 563,900 4,600 64,300 9,610 2,500 97,200 37,900 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)

The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,100 41,600 96,800 27,800 21,300 27,900 144,350 26,360 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $34,600 5,200 16,800 29,700 9,550 563,900 4,600 64,300 9,610 2,500 97,200 37,900 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)

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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Current Attempt in Progress The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,100 41,600 96,800 27,800 21,300 27,900 144,350 26,360 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $34,600 $ 5,200 16,800 29,700 9,550 563,900 4,600 64,300 KINGBIRD COMPANY Cost of Goods Manufactured Schedule 9,610 2,500 97,200 37,900 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) $
Transcribed Image Text:Current Attempt in Progress The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,100 41,600 96,800 27,800 21,300 27,900 144,350 26,360 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $34,600 $ 5,200 16,800 29,700 9,550 563,900 4,600 64,300 KINGBIRD COMPANY Cost of Goods Manufactured Schedule 9,610 2,500 97,200 37,900 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) $
Prepare an income statement through gross profit. : KINGBIRD COMPANY Income Statement (Partial) $ Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.) KINGBIRD COMPANY Balance Sheet (Partial) ASSETS $ $ $
Transcribed Image Text:Prepare an income statement through gross profit. : KINGBIRD COMPANY Income Statement (Partial) $ Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.) KINGBIRD COMPANY Balance Sheet (Partial) ASSETS $ $ $
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