Please help me Finished Goods Inventory, and Cost of Goods Sold.c. Prepare a schedule of cost of goods manufactured for August using actual costing. (d. Prepare an income statement, including a detailed schedule of cost of goods sold. HECTOR Company had the following account balances as of August 1, 2021:Raw Material (direct and indirect) Inventory $25,300Work in Process Inventory 9,000Finished Goods Inventory 20,000During August, the company incurred the following factory costs:1. Purchased $200,000 of raw material on account.2. Issued $185;000 of raw material to production, of which $134,000 was for direct materials.3. Accrued $98,000 in factory payroll costs; $62,000 was for direct labor and the rest wasfor supervisors' salaries.4. Accrued $10,000 of utility costs; of this amount, $2,600 was fixed.5. Accrued $5,000 of property taxes on the factory.6. Recorded the expiration of $2,600 of prepaid insurance on factory equipment.7. Recorded $45,000 of straight-line depreciation on factory equipment.7. Recorded $45,000 of straight-line depreciation on factory equipment.8. Applied actual overhead to Work in Process Inventory.9. Transferred goods costing $310,000 to Finished Goods Inventory.10. Recorded total sales of $750,000; of these, $500,000 were on account.11. Recorded cost of goods sold of $330,000.12. Recorded selling and administrative costs of $280,000 (credit "Various accounts").

Income statement refers to the statement which is prepared by the company at the end of period in…

Answered: c. Prepare a schedule of cost of goods…

c. Prepare a schedule of cost of goods manufactured for August using actu d. Prepare an income statement, including a detailed schedule of cost of go

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Question

Please help me

Finished Goods Inventory, and Cost of Goods Sold.
c. Prepare a schedule of cost of goods manufactured for August using actual costing. (
d. Prepare an income statement, including a detailed schedule of cost of goods sold.

HECTOR Company had the following account balances as of August 1, 2021:
Raw Material (direct and indirect) Inventory $25,300
Work in Process Inventory 9,000
Finished Goods Inventory 20,000
During August, the company incurred the following factory costs:
1. Purchased $200,000 of raw material on account.
2. Issued $185;000 of raw material to production, of which $134,000 was for direct materials.
3. Accrued $98,000 in factory payroll costs; $62,000 was for direct labor and the rest was
for supervisors' salaries.
4. Accrued $10,000 of utility costs; of this amount, $2,600 was fixed.
5. Accrued $5,000 of property taxes on the factory.
6. Recorded the expiration of $2,600 of prepaid insurance on factory equipment.
7. Recorded $45,000 of straight-line depreciation on factory equipment.
7. Recorded $45,000 of straight-line depreciation on factory equipment.
8. Applied actual overhead to Work in Process Inventory.
9. Transferred goods costing $310,000 to Finished Goods Inventory.
10. Recorded total sales of $750,000; of these, $500,000 were on account.
11. Recorded cost of goods sold of $330,000.
12. Recorded selling and administrative costs of $280,000 (credit "Various accounts").

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