The following information pertains to the Satyam Company for the year ending December 31, 2019 Revenue- $ 150,000 Interest expense- 4300 Purchases of direct materials- 35000 Salary [admin]- 3000 Beginning direct material 1850 Indirect Materials -8000 Supplies expense [factory]2500 Supplies [factory] - 7540 Depreciation of factory machines - 2000 Depreciation of factory Plant-2300 Depreciation of shop-4000 Unearned revenue- 5620 Selling commission-1200 Marketing costs-2200 Wages [Store]-6000 Insurance expense [shop] - 2300 Prepaid insurance Expense [store]-2450 Supplies expense [store]-5000 Utilities [store]-2500 Direct Labor ( in Hours)- 6500 Hourly Rate for direct labour -15 Direct materials inventory Dec 31 2019- 7000 Work in process Jan 1 2019 -3000 Sales Return/ allowances-2100 Rent revenue-5000 Work in process Dec 31 2019-2000 Sales Discounts-1000. Finished Goods Inventory Jan 1 2019 - 6000 Finished Goods Inventory Dec 31 2019- 2500 REQUIRED all steps - 1. Prepare a COGM statement for year end 2. Calculate cost of goods sold 3. Prepare an income statement [ assume income tax rate to be 15%] for year end
The following information pertains to the Satyam Company for the year ending
December 31, 2019
Revenue- $ 150,000
Interest expense- 4300
Purchases of direct materials- 35000
Salary [admin]- 3000
Beginning direct material 1850
Indirect Materials -8000
Supplies expense [factory]2500
Supplies [factory] - 7540
Depreciation of factory Plant-2300
Depreciation of shop-4000
Unearned revenue- 5620
Selling commission-1200
Marketing costs-2200
Wages [Store]-6000
Insurance expense [shop] - 2300
Prepaid insurance Expense [store]-2450
Supplies expense [store]-5000
Utilities [store]-2500
Direct Labor ( in Hours)- 6500
Hourly Rate for direct labour -15
Direct materials inventory Dec 31 2019- 7000
Work in process Jan 1 2019 -3000
Sales Return/ allowances-2100
Rent revenue-5000
Work in process Dec 31 2019-2000
Sales Discounts-1000.
Finished Goods Inventory Jan 1 2019 - 6000
Finished Goods Inventory Dec 31 2019- 2500
REQUIRED all steps -
1. Prepare a COGM statement for year end 2. Calculate cost of goods sold
3. Prepare an income statement [ assume income tax rate to be 15%] for year end
need working related to cogm ( direct labor, factory overhead) as well.
Dont give handwritten answer thank you
Step by step
Solved in 4 steps with 5 images
