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if you can show the equations you used that would be great Laredo Luggage Company for the year 20x2 Sales revenue 580,000 Work-in-process inventory. Decer
if you can show the equations you used that would be great
Laredo Luggage Company for the year 20x2 Sales revenue 580,000 Work-in-process inventory. Decer 22.000 Work-in-process inventory. Janual 30,000 Selling and administrative expens 80,000 Income tax expense 55,000 Purchase of raw material 110,000 Raw-material inventory, Decembe 15.000 Raw-material inventory, January 30,000 Direct labor 120.000 Utilities: plant 22.000 Depreciation: plant and equipmen 35,000 Finished-goods inventory, Decem 2 2.000 Finished goods inventory, January 15,000 Indirect material 8.000 Indirect labor Other manufacturing overhead 50.000 SOLUTION 1. Schedule of cost of goods manufactured Direct Material Raw-material inventory, January 1 Add: Purchases of raw material Raw material available for use Deduct: Raw-material inventory, December 31 Raw material used Direct Labor Manufacturing overhead: Indirect material Indirect labor Utilities: plant Depreciation: plant and equipment Other Total manufacturing overhead Total manufacturing costs Add: Work-in-process inventory, January 1 Subtotal Deduct: Work-in-process inventory, December 31 Cost of goods manufactured - 2. Schedule of cost of goods sold Finished goods inventory, January 1 Add: Cost of goods manufactured Cost of goods available for sale Deduct: Finished-goods inventory, December 31 Cost of goods sold 3. Income Statement Sales revenue Less: Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income tax expense Net incomeStep by Step Solution
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