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Question 1 The following information pertains to the Satyam Company for the year ending December 31,...

Question 1

The following information pertains to the Satyam Company for the year ending December 31, 2019.

$

Hours

Revenue

40,000

Interest payable

2300

Purchases of direct materials

12,000

Wages [factory]

5500

Beginning direct material

2850

Indirect Materials

5,000

Supplies expense [factory]

3,500

Supplies [factory]

9540

Depreciation of factory machines

3500

Depreciation of factory Plant

2300

Depreciation of shop

2,000

Unearned revenue

5620

Selling commission

1200

Marketing costs

4200

Wages [Store]

6,000

Insurance expense [shop]

2300

Prepaid insurance Expense [store]

1450

Supplies expense [store]

5,000

Utilities [store]

2,500

Direct Labor Hours

1800

Hourly Rate for direct labour

14

Direct materials inventory Dec 31 2019

7,000

Work in process Jan 1 2019

3,000

Sales Return/ allowances

2100

Rent revenue

5,000

Work in process Dec 31 2019

5,000

Sales Discounts

3,000

Finished Goods Inventory Jan 1 2019

3,000

Finished Goods Inventory Dec 31 2019

2500


REQUIRED

Prepare a COGM statement for year end


Prepare an income statement [ assume interest tax rate to be 17%] for year end


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Expert Solution

PLEASE - - - - PLEASE KINDLY UP-VOTE. IT HELPS ME A LOT. THANK YOU IN ADVANCE.

ekkarill92 answered 1 year ago
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