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Jones Corporation has provided the following data concerning last month's manufacturing operations. Purchases of Raw Materials $30,000 Indirect materials included in manufacturing overhead $5,000 Direct
| Jones Corporation has provided the following data concerning last month's manufacturing operations. | ||
| Purchases of Raw Materials | $30,000 | |
| Indirect materials included in manufacturing overhead | $5,000 | |
| Direct labor | $58,000 | |
| Manufacturing overhead applied to work in process | $87,000 | |
| Actual manufacturing overhead costs | $91,000 | |
| Sales | $310,000 | |
| Selling expenses | $40,000 | |
| Administrative expenses | $70,000 | |
| Inventories | Beginning | Ending |
| Raw Materials | $12,000 | $18,000 |
| Work in Process | $56,000 | $65,000 |
| Finished Goods | $35,000 | $42,000 |
| 3. Prepare an income statement for the month. |
| Income Statememt | ||
| Sales | ||
| Cost of Goods | ||
| Gross Profit | ||
| Selling Expenses | ||
| Administrative Expenses | ||
| Net Income | ||
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Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers
Authors: Karen Berman, Joe Knight
1st Edition
1422119157, 9781422119150
