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INVENTORY: Raw materials Work in process Finished goods Beginning of the year $ 18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 REQUIRED: 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales wer $ 500 000

INVENTORY: Raw materials Work in process Finished goods Beginning of the year $ 18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 REQUIRED: 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales wer $ 500 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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● ● Direct labour cost Purchases of raw materials Indirect labour Maintenance of factory equipment ● Advertising expense Insurance of factory equipment Sales salaries Rent of factory facilities Supplies Depreciation of office equipment Depreciation of factory equipment $70 000 120 000 45 000 6 000 90 000 1 900 50 000 24 000 3 600 4 500 17 000
Transcribed Image Text:● ● Direct labour cost Purchases of raw materials Indirect labour Maintenance of factory equipment ● Advertising expense Insurance of factory equipment Sales salaries Rent of factory facilities Supplies Depreciation of office equipment Depreciation of factory equipment $70 000 120 000 45 000 6 000 90 000 1 900 50 000 24 000 3 600 4 500 17 000
INVENTORY : Raw materials Work in process Finished goods REQUIRED: Beginning of the year $18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were $500 000
Transcribed Image Text:INVENTORY : Raw materials Work in process Finished goods REQUIRED: Beginning of the year $18 000 10 300 23 000 End of the year $ 12 500 15 150 18 100 1. Prepare a schedule of the cost of the goods manufactured 2. Prepare the multi-step income statement of the year assuming that the total net sales were $500 000
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