Sales 700,000
Direct Labor 92,000
Indirect Material 8,000
Work in Progress 1/1/11 22,000
Rent – Store 15,000
Electricity – Factory 20,000
Purchases, Raw Material 158,000
Sales Salaries 28,000
Finished Goods 1/1/11 35,000
Advertising 19,000
Electricity – Store 7,000
Factory Security 14,000
Depreciation – Machinery 17,000
Work in Progress 12/31/11 15,000
Rent – Factory 36,000
Raw Material 12/31/11 12,000
Indirect Labor 21,000
Finished Goods 12/31/11 23,000
Insurance – Factory 9,000
Raw Material 1/1/11 8,000
Sales Commission 34,000
Depreciation – Store Fixtures 8,000
Required:
1. Complete a Cost of Goods Manufactured Schedule, in proper form.
2. Complete an Income Statement, in proper form.
Your submission MUST be a word document. Points will be deducted for any other form of submission. Your schedule and statement must be in proper form – this means they should look like they would in an annual report – and not in a spread sheet or a work sheet. As mentioned in class live, individual overheads should be listed rather than just a total being given.
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