Yasmine Company shows the following data for the month of May: Raw materials inventory May 1 = 0 Raw materials inventory May 31 = $10,000 Work in Process Inventory May 1 = 0 Work in Process Inventory May 31 = $25,000 Finished Goods Inventory May 1 = 0 Finished Goods Inventory May 31 = $22,000 Total manufacturing costs incurred (materials used, direct labour and manufacturing overhead) during month of May = $67,950 Sales Revenue for May = $95,900 Selling and Administrative expenses for May = $4,000 Required 1: Assuming no other transaction happened, what was the Net Income before tax for the month of May? $ Required 2: Assuming no other transaction happened, what was the Cost of Goods Sold for the month of May? $ Required 3: Assuming no other transaction happened, what was the cost of units completed during the month of May? $

Yasmine Company shows the following data for the month of May: Raw materials inventory May 1 = 0 Raw materials inventory May 31 = $10,000 Work in Process Inventory May 1 = 0 Work in Process Inventory May 31 = $25,000 Finished Goods Inventory May 1 = 0 Finished Goods Inventory May 31 = $22,000 Total manufacturing costs incurred (materials used, direct labour and manufacturing overhead) during month of May = $67,950 Sales Revenue for May = $95,900 Selling and Administrative expenses for May = $4,000 Required 1: Assuming no other transaction happened, what was the Net Income before tax for the month of May? $ Required 2: Assuming no other transaction happened, what was the Cost of Goods Sold for the month of May? $ Required 3: Assuming no other transaction happened, what was the cost of units completed during the month of May? $

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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