Question
Honey Company incurred the following cost last month Sales/Revenue 800.000 Other income 225.000 Expenses: 420.000 Marketing and selling expenses 270.000 Administrative expenses 150.000 Purchases of
Honey Company incurred the following cost last month
| Sales/Revenue 800.000 |
| Other income 225.000 |
| Expenses: 420.000 |
| Marketing and selling expenses 270.000 |
| Administrative expenses 150.000 |
| Purchases of raw materials 300.000 |
| Direct labour 405.000 |
| Manufacturing overheads: 630.000 |
| Indirect materials 7.5000 |
| Indirect labour 150.000 |
| Utilities, factory 120.000 |
| Propert taxes, factory 54.000 |
| Insurance, factory 13.500 |
| Equipment rental, factory 105.000 |
| Depreciation 180.000 |
Additional data for Honey Company are given below
| Raw materials: |
| Opening raw materials inventory 15.000 |
| Purchases of raw materials 300.000 |
| Closing raw materials inventory 45.000 |
| Raw materials used in production 50.000 |
| Work-in-process inventory: |
| Opening work-in-process inventory 60.000 |
| Total manufacturing costs 30.000 |
| Closing work-in-process inventory 90.000 |
| Cost of goods manufactured (finished) 40.000 |
| Finished goods inventory: |
| Opening finished goods inventory 195.000 |
| Cost of goods manufactured (finished) 100.000 |
| Closing finished goods inventory 120.000 |
| Cost of goods sold 90.000 |
Prepare a statement of goods manufactured and sold.
Prepare a statement of income.
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Financial Accounting
Authors: Jan R. Williams, Susan F. Haka, Mark S. Bettner, Joseph V. Carcello
12th Edition
0071116796, 978-0071116794
