Answer:
Explanation:
PREPARE COST OF GOODS MANUFACTURED :
Beginning work in process 42000
Raw material consumed
Beginning raw material 38000
Add : raw material purchase 184500
Less : Ending raw material (52700)
Raw material consumed 169800
DIrect labour 42000
Factory overhead
Factory supplies used 16800
Factory utilities 10200
Depreciation factory equipment 16800
Indirect labour 48000
Property taxes 5500
Reent factory equipment 47000
Repairs factory equipment 4500
Total manufacturing overhead 148800
Total manufacturing cost 360600
Less : Ending work in process (52700)
Cost of goods manufactured
INCOME STATEMENT :
Sales revenue 1350000
Cost of goods sold
Beginning finished goods inventory 72550
Cost of goods manufactured 349900
goods available for sale 422450
Less : endin finished goods inventory (68800)
Cost of goods olsld (353650)
Gross profit 996350
Less : advertising expenses (54000)
Less : selling commission (40500)
Less : dep on office equipment (2400)
Less : office suppplies used (1600)
Less : other administrative exp (72000)
Less : Salaries exp (325000) (495500)
Net income 500850
BALANCE SHEET CURRENT SECTION :
ASSETS
Current assets
Cash 260000
Account receivable 275000
Prepaid exp 41250
Inventory
Raw material 52700
Work in process 52700
Finished goods 68800 174200
Total current assets 750450
