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3) Carl's Custom Car Company had the following year end financial information: Beginning balance in Raw Material Inventory $ 120,000 Ending balance in Raw Material
| 3) Carl's Custom Car Company had the following year end financial information: | ||||
| Beginning balance in Raw Material Inventory | $ 120,000 | |||
| Ending balance in Raw Material Inventory | $ 80,000 | |||
| Beginning balance in Finished Goods Inventory | $ 50,000 | |||
| Ending balance in Finished Good Inventory | $ 75,000 | |||
| Sales | $ 2,700,000 | |||
| Purchases of raw material | $ 300,000 | |||
| G&A Expenses | $ 750,000 | |||
| Selling Expenses | $ 250,000 | |||
| Direct Labor Cost | $ 1,200,000 | |||
| Manufacturing overhead applied | $ 400,000 | |||
| Beginning balance in Work in Process Inventory | $ 25,000 | |||
| Ending balance in Work in Process Inventory | $ 65,000 | |||
| a) Prepare a schedule of cost of goods manufactured | ||||
| b) Prepare and Income Statement | ||||
| c) Extra Credit - Please prepare the applicable journal entries for the above activity |
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Horngrens Accounting Volume 1
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
12th Canadian Edition
0136889373, 9780136889373
