View Policies Show Attempt History Current Attempt in Progress Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory labour $5,480 Direct materials used 253,600 Work in process (1/1/2020) 31,000 Work in process (12/31/2020) 27,200 Finished goods (1/1/2020) 35,300 Finished goods (12/31/2020) 29,100 Factory utilities 41,500 Depreciation, factory equipment 34,400 Direct labour 303,300 Indirect materials 22,600 Factory manager's salary 63,100 Selling and administrative expenses 341,300 Net sales 1,243,000 Factory machinery rent 42,900

View Policies Show Attempt History Current Attempt in Progress Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory labour $5,480 Direct materials used 253,600 Work in process (1/1/2020) 31,000 Work in process (12/31/2020) 27,200 Finished goods (1/1/2020) 35,300 Finished goods (12/31/2020) 29,100 Factory utilities 41,500 Depreciation, factory equipment 34,400 Direct labour 303,300 Indirect materials 22,600 Factory manager's salary 63,100 Selling and administrative expenses 341,300 Net sales 1,243,000 Factory machinery rent 42,900

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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Concept explainers

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.

Question

View Policies
Show Attempt History
Current Attempt in Progress
Axteks Corporation has the following cost records for the year ended December 31, 2020:
Indirect factory labour
$5,480
Direct materials used
253,600
Work in process (1/1/2020)
31,000
Work in process (12/31/2020)
27,200
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,100
Factory utilities
41,500
Depreciation, factory equipment
34,400
Direct labour
303,300
Indirect materials
22,600
Factory manager's salary
63,100
Selling and administrative expenses
341,300
Net sales
1,243,000
Factory machinery rent
42,900

(b)
Prepare an income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or
parentheses e.g. (45).)
Axteks Corporation
Income Statement
:
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