Question
1.The following data have been taken from the accounting records of Genesee Corporation for the year ended December 31, 2019. sales $800 Purchases of raw
1.The following data have been taken from the accounting records of Genesee Corporation for the year ended December 31, 2019.
sales $800
Purchases of raw materials 150
Direct labor 250
Factory supervisor's salary 60
Depreciation - Factory equipment 65
Factory insurance 20
Administrative expenses 100
Indirect labor 30
Factory utilities 19
Selling expenses 155
Factory maintenance 15
Inventory Account Balances:
Raw materials inventory - January 1, 2019 12
Raw materials inventory - December 31, 2019 10
Work in process inventory - January 1, 2019 50
Work in process inventory - December 31, 2019 60
Finished goods inventory - January 1, 2019 110
Finished goods inventory - December 31, 2019 100
a.show a Schedule of Cost of Goods Manufactured for 2019.
b.show an Income Statement, including the calculation of Cost of Goods Sold for 2019.
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