Prepare a Cost of goods manufactured, a Cost of goods sold and an Income Stateme
ID: 2599922 • Letter: P
Question
Prepare a Cost of goods manufactured, a Cost of goods sold and an Income Statement for June for Kiera's Kakes based on the following information: 1. Sales Revenue $4,000,000 Raw Materials purchases $800,000 Direct Labor $200,000 Selling, General and Administrative Expenses $500,000 Ending finished goods inventory $300,000 Indirect labor $50,000 Beginning raw materials inventory $200,000 Factory Depreciation $30,000 Ending work in process inventory $500,000 Indirect materials $40,000 Factory Rent $30,000 Beginning work in process inventory $400,000 Factory utilities $20,000 Beginning finished goods inventory$400,000 Factory Insurance $10,000 Ending raw materials inventory $100,000 Tax rate 30% 2. Jenna's Jewelry uses a job order costing system. Jenna had the followingExplanation / Answer
Cost of goods manufactured schedule :
Cost of goods sold schedule :
Income statement :
Beginning raw material 200000 Add: Raw material purchase 800000 Less: Ending raw material (100000) 900000 Direct labour 200000 Manufacturing overhead Indirect labour 50000 Factory dep 30000 Indirect material 40000 Factory rent 30000 Factory utilities 20000 Factory utilities 10000 180000 Total manufactuing cost 1280000 Beginning work in process 400000 Less: Ending work in process (500000) Cost of goods manufactured 1180000