The accounting department of the Ruthven Company provided the following data for May: sales, $72,000; marketing expenses 5%; administrative expenses 1%; other expenses 5% of all sales purchase, $36,000; factory overhead 2/3 of direct labor; direct labor, $15,000 Beginning inventories Finished goods...... process... Materials... inventories Finished goods..... process... Materials... $7,000 Work in 8,000 8,000 Ending $ 10,200 Work in 15,000 8,500 Required: 1) Cost of goods sold statement 2) Income statement

The accounting department of the Ruthven Company provided the following data for May: sales, $72,000; marketing expenses 5%; administrative expenses 1%; other expenses 5% of all sales purchase, $36,000; factory overhead 2/3 of direct labor; direct labor, $15,000 Beginning inventories Finished goods...... process... Materials... inventories Finished goods..... process... Materials... $7,000 Work in 8,000 8,000 Ending $ 10,200 Work in 15,000 8,500 Required: 1) Cost of goods sold statement 2) Income statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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