The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead $ 950,000 30,000 40,000 150,000 90,000 170,000 25,000 30,000 1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3. Prepare San Fernando Fashions' income statement for the year. 200,000 40,000 50,000 50,000 20,000 6,000 12,000 80,000

The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead $ 950,000 30,000 40,000 150,000 90,000 170,000 25,000 30,000 1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3. Prepare San Fernando Fashions' income statement for the year. 200,000 40,000 50,000 50,000 20,000 6,000 12,000 80,000

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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