Using the information below, prepare an abridged income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Candid Productions Corp: Direct materials purchased $500,000 Cash on hand $300,000 January 1 December 31 Direct labor $200,000 Sales $1,000,000 Finished goods inventory $40,000 $32,000 Factory maintenance $36,000 Operating expenses $130,000 Work-in-process inventory 29,000 18,000 Supervisor's salaries $91,000 Indirect materials $17,000 Direct materials inventory 47,000 31,000

Using the information below, prepare an abridged income statement, a schedule of cost of goods sold, and a schedule of finished goods manufactured. The following balances are from the accounts of Candid Productions Corp: Direct materials purchased $500,000 Cash on hand $300,000 January 1 December 31 Direct labor $200,000 Sales $1,000,000 Finished goods inventory $40,000 $32,000 Factory maintenance $36,000 Operating expenses $130,000 Work-in-process inventory 29,000 18,000 Supervisor's salaries $91,000 Indirect materials $17,000 Direct materials inventory 47,000 31,000

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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