Tyler Corp. reports the following results for its first month of operations ended December 31. Overhead is

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Tyler Corp. reports the following results for its first month of operations ended December 31. Overhead is applied using a predetermined overhead rate of 80% of direct materials cost.

1. Prepare an income statement for the month ended December 31.

2. Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods.

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Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

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Question Posted: Oct 27, 2021 02:50 AM

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Tyler Corp. reports the following results for its first month of operations ended December 31. Overhead is

Question:

Raw materials purchased....... Direct materials used ... $18,400 Sales ... $36,000 12,000 Cost of goods sold 28,400 Direct labor used 18,400 Selling expenses. 2,100 Cost of goods manufactured... 32,000 General and administrative expenses.... 3,200

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Fundamental Accounting Principles

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