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The following is information provided from the records of Kuhio Company for August 31, 2022: -PL $37,000,000 Sales Salaries and benefits: Selling & administration Direct manufacturing labour Plant Maintenance workers Purchases of Direct Materials Indirect materials used Amortization expense ** Rent and insurance** Property taxes on plant equipment Management salaries Heat, light & power Advertising expense **: 70% OF THESE COSTS ARE ASSIGNED TO MANUFACTURING OVERHEAD, AND 30% TO SELLING AND ADMINISTRATION Inventories: Finished goods Direct Materials Work in process August 1 $ 24,000,000 4,400,000 375,000 4,000,000 6,000,000 120,000 9,000,000 235,000 450,000 4,000,000 25,000 240,000 1,200,000 700,000 2. IN GOOD FORM, prepare an Income Statement for August. August 31 $16,000,000 1,600,000 425,000 REQUIRED: 1.IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.

The following is information provided from the records of Kuhio Company for August 31, 2022: -PL $37,000,000 Sales Salaries and benefits: Selling & administration Direct manufacturing labour Plant Maintenance workers Purchases of Direct Materials Indirect materials used Amortization expense ** Rent and insurance** Property taxes on plant equipment Management salaries Heat, light & power Advertising expense **: 70% OF THESE COSTS ARE ASSIGNED TO MANUFACTURING OVERHEAD, AND 30% TO SELLING AND ADMINISTRATION Inventories: Finished goods Direct Materials Work in process August 1 $ 24,000,000 4,400,000 375,000 4,000,000 6,000,000 120,000 9,000,000 235,000 450,000 4,000,000 25,000 240,000 1,200,000 700,000 2. IN GOOD FORM, prepare an Income Statement for August. August 31 $16,000,000 1,600,000 425,000 REQUIRED: 1.IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.

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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The following is information provided from the records of Kuhio Company for August 31, 2022: Sales $37,000,000 Salaries and benefits: Selling & administration Direct manufacturing labour Plant Maintenance workers Purchases of Direct Materials Indirect materials used Amortization expense ** Rent and insurance** Property taxes on plant equipment Management salaries Heat, light & power Advertising expense **: 70% OF THESE COSTS ARE ASSIGNED TO MANUFACTURING OVERHEAD, AND 30% TO SELLING AND ADMINISTRATION Inventories: Finished goods Direct Materials Work in process August 1 $ 24,000,000 4,400,000 375,000 4,000,000 6,000,000 120,000 9,000,000 235,000 450,000 2. IN GOOD FORM, prepare an Income Statement for August. 4,000,000 25,000 240,000 1,200,000 700,000 August 31 $16,000,000 1,600,000 425,000 REQUIRED: 1. IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.
Transcribed Image Text:The following is information provided from the records of Kuhio Company for August 31, 2022: Sales $37,000,000 Salaries and benefits: Selling & administration Direct manufacturing labour Plant Maintenance workers Purchases of Direct Materials Indirect materials used Amortization expense ** Rent and insurance** Property taxes on plant equipment Management salaries Heat, light & power Advertising expense **: 70% OF THESE COSTS ARE ASSIGNED TO MANUFACTURING OVERHEAD, AND 30% TO SELLING AND ADMINISTRATION Inventories: Finished goods Direct Materials Work in process August 1 $ 24,000,000 4,400,000 375,000 4,000,000 6,000,000 120,000 9,000,000 235,000 450,000 2. IN GOOD FORM, prepare an Income Statement for August. 4,000,000 25,000 240,000 1,200,000 700,000 August 31 $16,000,000 1,600,000 425,000 REQUIRED: 1. IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.
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