Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3) 2) The Ebony, Ivory, Averi CD Manufacturing Company has the following account balances listed below. Prepare the following for the month ended November

image text in transcribed

3) 2) "The Ebony, Ivory, Averi CD Manufacturing Company" has the following account balances listed below. Prepare the following for the month ended November 30, 2018: Depart a) Raw materials used b) Total manufacturing costs c) Cost of finished goods manufactured d) Cost of goods sold e) Determine the amount of gross profit f) Prepare the Current Asset section of the Balance Sheet Raw materials inventory November 1 $13,900 Works in process inventory November 1 $10,600 Finished goods inventory November 1 $$12,200 Raw materials inventory November 30 $$10,200 Works in process inventory November 30 $16,300 Finished goods inventory November 30 $15,800 Factory depreciation expense $8700 Sales commissions $24000 es were tha Utilities $1900 Insurance $2200 Direct labor 445,000 Indirect labor $23,000 lowing costs and production data: Dept. A Dept. 8 Dept. $45,000 $6000 5300 $7200 715 490 Income tax expense $6200 Raw materials purchased $72000 Sales discounts $2200 Depreciation on computers for the office $2700 Factory supervisor's salary $1200 Rent $3800 MIndirect Material $6200 Cash $8500 Accounts Receivable $38,000 Sales Revenue $495,000 Utilities are 55% for the factory Rent is 40% for the factory Insurance is 60% for the factory for each

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

How many chiral centers are in the molecule shown below

Answered: 1 week ago