Question

Using the following information   Provide  Cost of Goods Manufactured Statement   AND   Income Statement Preclosing Trial Balance Debit...

Using the following information   Provide  Cost of Goods Manufactured Statement   AND   Income Statement

Preclosing Trial Balance

Debit Credit

cash 54

accounts receivable 210

finished goods [begin year] 247

work in process [begin year] 150

direct materials [begin year] 28

property, plant, equipment 1,140

accounts payable 70

bonds payable 600

paid in capital 100

retained earnings 930

sales 1,488

sales discount 20

interest revenue 2

purchase direct materials 510

direct labor 260

indirect factory labor 90

office salries 122

sales salaries 42

utilities 135

rent 9

property tax 60

insurance 20

depreciation 54

interest expense 6

freight in 15

freight out 18

total 3,190 3,190

Additional information

A 80 % of utilities for manufacturing 20 % is for selling and administrative

B 100 % of rent is for non manufacturing office building

C 100 % of property taxes is for manufacturing plant

D 60 % of insurance is for manufacturing 40 % is for sales and administrative

E depreciation manufacturing $ 50 office equipment $ 4

F Ending inventory finished gods $ 175 work in process $ 210 direct materials $ 23

   

Business   Accounting   
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Homework Answers

Answer #1

Balance Sheet items such as cash, accounts receivable etc. has not been taken into accounts as the question does not demand for a balance sheet. Net profit obtained = 112

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