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 = $67,100 Sales Revenue for May = $94,200 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 = $67,100 Sales Revenue for May = $94,200 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? $
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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 = $67,100
Sales Revenue for May = $94,200
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? $
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