ASAP please EX 17-14 Financial statements of a manufacturing firm Chapter 17 lob

Question

ASAP please EX 17-14 Financial statements of a manufacturing firm Chapter 17 lob Order Costing 819 a. Income from operations as a producer of road bikes: took place for Chi-Lite Inc. during lune 2016, the first month of 0B3.2 Purchased $400,000 of materials. of direct materials in production. Incurred $295,000 of direct labor wages. Applied factory overhead at a rate of 75% of direct lalor cost. Transferred $815,000 of work in process to finished goods. . Sold goods with a cost of $789,000. . Sold goods for $1,400,000. Incurred $316,000 of selling expenses. Incurred $125,000 of administrative expenses. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method. a. b. Determine the inventory balances at the end of the finst month of operations. 081.3 tunufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. s cost performance. Information on Decision making with job order costs EX 17-15

Explanation / Answer

income statement for Jun $ sales 1400000 less: cost of goods sold 789000 Gross profit 611000 selling expenses -316000 administrative expenses -125000 income from operations $ 170000 material inventory Purchases 400000 less: material used in production -343750 material inventory 56250 Work in progress inventory Materials used in production 343750 Direct Labour 295000 Factory Overhead (75% of direct labour) 221250 additions to work in progress 0 less: transferred to finished goods -815000 Work in progress inventory , Jun 30 45000 Finished goods Inventory transferred to finished goods 815000 less: cost of goods sold -789000 finished goods Inventory , Jun 30 26000

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---