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In: Accounting

Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750...

Inventories

January 1

December 31
Materials $78,750 $94,450
Work in process 108,600 96,800
Finished goods 113,750 109,100

December 31
Advertising expense $ 69,000
Depreciation expense-office equipment 22,750
Depreciation expense-factory equipment 14,860
Direct labor 184,350
Heat, light, and power-factory 5,950
Indirect labor 24,600
Materials purchased 122,200
Office salaries expense 77,750
Property taxes-factory 4,170
Property taxes-office building 13,200
Rent expense-factory 6,675
Sales 862,000
Sales salaries expense 138,500
Supplies-factory 5,000
Miscellaneous costs-factory 5,280
Required:
a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
b. Prepare the 20Y8 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive.

Solutions

Expert Solution

Opening WIP can be shown after Current period cost also as per format of answer needed

Answer remains same.

ekkarill92 answered 2 years ago
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