II. Ending June 30 records for June 30 for ABC Company Revenue 1,600,000 Raw Materials Purchased...

II. Ending June 30 records for June 30 for ABC Company
	Revenue		1,600,000
	Raw Materials Purchased in Month		150,000
	Direct Labor Cost		55,000
	Advertising Expense		25,000
	Rent on Factory		42,000
	Sales Commissions		70,000
	Maintenance Expense on factory Equip.		22,000
	Supplies for the Factory		3,500
	Depreciation on Factory Equipment		35,000
	Indirect labor Cost		50,600
	Utilities Expense for Factory		12,000
	Depreciation on Sales Office Cars		22,000

		Raw Matl	WIP	Finished Goods
	Beginning Inventory	12,000	15,000	35,000
	Ending Inventory	8,000	20,000	40,000

	Prepare the Cost of Goods Manufactured and Cost of goods sold for the month below































	Create an Income Statement for the month (Simple format, include period costs)

Expert Solution

ekkarill92 answered 2 years ago

ABC Company gathered the following sata to calculate the Beg. Raw Materials, Ending WIP Inventory and...

ABC Company gathered the following sata to calculate the Beg. Raw Materials, Ending WIP Inventory and to prepare a schedule of cost of goods manufactured (COGM) for the period ended March 31, 2019 Ending raw materials inventory = $5,200 purchased raw materials = $55,000 direct labor = 110,600 overheads: indirect labor = 30,500 indirect materials =5,000 depreciation, factory equipment =6,000 depreciation, factory bldg. = 15,000 property taxes, factory = 3,000 property taxes, main office = 3,000 total raw materials =...

Exercise #3: A Manufacturing Company has the following data at June 30, 2018: Raw materials...

Exercise #3: A Manufacturing Company has the following data at June 30, 2018: Raw materials inventory, June 1 $ 13,800 Work in process inventory, June 1 18,100 Finished goods inventory, June 1 43,500 Total manufacturing costs 510,000 Sales 590,000 Work in process inventory, June 30 30,400 Finished goods inventory, June 30 50,200 Raw materials inventory, June 30 18,000 Instructions Using the above data, prepare an income statement through gross profit for...

Okaboji Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased...

Okaboji Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased $178,600 Materials inventory, Novermber 1 $56,400 Materials inventory, November 30 $47,000 Determine the cost of direct materials used in production by Okaboji during the month ended November 30.

Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional...

Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional raw materials during the year, and the company’s work in process had a beginning balance of $17,000 and an ending balance of $9,000. Murray’s company incurred $145,000 of administrative expenses and $57,205 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred actual manufacturing overhead costs of $42,000. There were $5,500 worth of indirect materials used for...

Bledseo Corporation has provided the following data for the month of June: Beginning Ending Raw materials...

Bledseo Corporation has provided the following data for the month of June: Beginning Ending Raw materials $ 26,700 $ 22,700 Work in process $ 18,700 $ 11,700 Finished Goods $ 49,700 $ 57,700 Additional information: Raw materials purchases $ 73,700 Direct labor cost $ 93,700 Manufacturing overhead cost incurred $ 43,870 Indirect materials included in manufacturing overhead cost incurred $ 4,170 Manufacturing overhead cost applied to Work in Process $ 42,700 Any underapplied or overapplied manufacturing overhead is closed out...

The information below relates to ABC Company for the year ended 30 June 2020. Sales revenue...

The information below relates to ABC Company for the year ended 30 June 2020. Sales revenue 352,000 Accrued wages 15,000 Bank balance 1 July 2019 ($22,000) Cash paid to suppliers 192,200 Cash receipts from customers 294,000 Payments to employees and for expenses 25,000 Bank loan received 6,600 Property taxes paid 20,000 Depreciation of equipment 45,600 Interest received 20,500 Cash received from sale of share market investments 55,000 Cash paid to purchase computer hardware 40,000 Issued shares in exchange for block...

Raw materials purchased on account, $210,000. Raw materials used in production, $191,000 ($152,800 direct materials and...

Raw materials purchased on account, $210,000. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $104,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,300 machine-hours were used in October. Jobs costing $513,000 according to their job cost sheets were...

Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory....

Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was classified as indirect materials. 3. Factory labor costs incurred were $59,900, of which $51,000 pertained to factory wages payable and $8,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,000 was direct labor and $5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $80,500. 6. Depreciation on...

The Foster Manufacturing Company has the following inventories on hand at 1 June . Raw Materials...

The Foster Manufacturing Company has the following inventories on hand at 1 June . Raw Materials $ 12,000 Work in Process 14,000 Finished Goods 10,000 The following information relates to June operations: (a) Materials purchased (plus 10% GST) $ 25,000 (b) Materials returned to suppliers $ 5,000 (c) Materials issued for production: Direct Indirect $ 20,000 $ 4,000 (d) Total Payroll incurred: Direct Labour ($10 per hour) Indirect Labour $ 35,000 $ 11,000 (e) The payroll due...

Journal Entries a. Raw materials were purchased on account, $60,000. b. Raw materials were requisitioned for...

Journal Entries a. Raw materials were purchased on account, $60,000. b. Raw materials were requisitioned for use in production, $52,000. $50,000 direct and $2,000 indirect. c. Accrual of factory wages $60,000; and maintenance workers for the factory $15,000. d. Accrued factory costs utilities $21,000, equipment rental $16,000 and cable, internet and phone factory costs $3,000. e. Accrual of property taxes on the factory, $13,000. f. Expiration of prepaid medical insurance on factory workers, $12,000 g. Depreciation was recorded on the...

Question