FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following is information provided from the records of Kuhio Company for August 31, 2022:
Sales
$37,000,000
Salaries and benefits:
Selling & administration
Direct manufacturing labour
Plant Maintenance workers
Purchases of Direct Materials
Indirect materials used
Amortization expense **
Rent and insurance**
Property taxes on plant equipment
Management salaries
Heat, light & power
Advertising expense
**: 70% OF THESE COSTS ARE
ASSIGNED TO MANUFACTURING
OVERHEAD, AND 30% TO SELLING AND
ADMINISTRATION
Inventories:
Finished goods
Direct Materials
Work in process
August 1
$ 24,000,000
4,400,000
375,000
4,000,000
6,000,000
120,000
9,000,000
235,000
450,000
2. IN GOOD FORM, prepare an Income Statement for August.
4,000,000
25,000
240,000
1,200,000
700,000
August 31
$16,000,000
1,600,000
425,000
REQUIRED:
1. IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.
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Transcribed Image Text:The following is information provided from the records of Kuhio Company for August 31, 2022: Sales $37,000,000 Salaries and benefits: Selling & administration Direct manufacturing labour Plant Maintenance workers Purchases of Direct Materials Indirect materials used Amortization expense ** Rent and insurance** Property taxes on plant equipment Management salaries Heat, light & power Advertising expense **: 70% OF THESE COSTS ARE ASSIGNED TO MANUFACTURING OVERHEAD, AND 30% TO SELLING AND ADMINISTRATION Inventories: Finished goods Direct Materials Work in process August 1 $ 24,000,000 4,400,000 375,000 4,000,000 6,000,000 120,000 9,000,000 235,000 450,000 2. IN GOOD FORM, prepare an Income Statement for August. 4,000,000 25,000 240,000 1,200,000 700,000 August 31 $16,000,000 1,600,000 425,000 REQUIRED: 1. IN GOOD FORM, prepare a Schedule of Cost of Goods Manufactured for August.
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