Question
Given the following selected account balances of Randa Company, prepare its manufacturing statement for the year ended on December 31, 2013. Include a listing of
Given the following selected account balances of Randa Company, prepare its manufacturing statement for the year ended on December 31, 2013. Include a listing of the individual overhead account balances in this statement. Sales....................................................................................................................................... | $1,252,000 |
Raw Materials inventory, Dec. 31, 2012................................................................................. | 39,000 |
Goods in process inventory, Dec. 31, 2012........................................................................... | 55,900 |
Finished goods inventory, Dec. 31, 2012............................................................................... | 64,750 |
Raw materials purchases....................................................................................................... | 177,600 |
Direct labor............................................................................................................................. | 227,000 |
Factory computer supplies used............................................................................................ | 19,840 |
Indirect labor........................................................................................................................... | 49,000 |
Repairs factory equipment.................................................................................................. | 7,250 |
Rent cost of factory building................................................................................................... | 59,000 |
Advertising expense............................................................................................................... | 96,000 |
General and administrative expense...................................................................................... | 131,300 |
Raw materials inventory, Dec. 31, 2013................................................................................. | 44,700 |
Goods in process inventory, Dec. 31, 2013........................................................................... | 43,500 |
Finished goods inventory, Dec. 31, 2013..............................................................................
Use the information from problem II above to prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $546,390. . | 69,300 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started