Inventories December 31 January 1 $ 77,350 $ 95,550 Materials Work in process Finished goods 109,200 96,200 113,750 100,100 $ 68,250 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment 22,750 14,560 Direct labor 186,550 Heat, light, and power-factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes-factory Property taxes-headquarters building Rent expense-factory 4,095 13,650 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies-factory Miscellaneous costs-factory 3,250 4,420

bh.2

Please help me with required 1 and 2.

The following transactions pertain to Year 1, the first-year operations of Rooney Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $1,078 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $106 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 190 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP.

5. Cost of goods sold A only appears on merchandising companies' income statements b. only appears on manufacturing companies' income statements. C. appears on both manufacturing and merchandising companies income statements. d. is caloulated exactly the same for merchandising and manufacturing companies.

a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.

Please do not give solution in image format thanku

MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X

SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Sale

Hellow tutor provide Answer with calculation and explanation