Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 Morrow Inc. has the following information for the current year: 800 Opening inventory (units) Production (units) 7,800 900 $310.00 Ending inventory (units) Sales

 

2 Morrow Inc. has the following information for the current year: 800 Opening inventory (units) Production (units) 7,800 900 $310.00 Ending inventory (units) Sales price (per unit) The company's accounting records provide the following information for the year: Description Customer service dept. Costs Administrative costs, head office Maintenance manager salary (factory) Factory insurance Depreciation (head office) Salary, president Direct Labour Depreciation (factory) Raw material purchases Indirect materials Indirect labour Factory utilities Opening WIP Inventory Closing WIP Inventory Opening raw materials inventory Closing raw materials inventory Opening Finished Goods Inventory Closing Finished Goods Inventory Amount (5) 102,300 107,000 88.400 34,900 165,100 160,400 267,400 213,900 428,400 88,400 109.300 55,800 4,700 9,000 9,900 8,200 16,300 21,900 Using the above information, develop a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and an Income Statement. Use the information to answer the following questions. What is the total Direct Materials Used from the Schedule of Cost of Goods Manufactured? What is the total Direct Labour from the Schedule of Cost of Goods Manufactured? What is the total Manufacturing Overhead costs from the Schedule of Cost of Goods Manufactured? 2 What is the total Cost of Goods Manufactured from the Schedule of Cost of Goods Manufactured? N What is the total Cost of Goods Sold from the Cost of Goods Sold Statement? N What is the total Operating Income, also called Income before Income Taxes, from the Income Statement? N

Step by Step Solution

3.40 Rating (147 Votes )

There are 3 Steps involved in it

Step: 1

Answer Direct Materials used 43010000 Direct labour 26740000 Manufacturing overhead 59070000 Cost of ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

10th edition

78025664, 978-0078025662

More Books

Students also viewed these Accounting questions

Question

Describe the criteria for an effective budget.

Answered: 1 week ago