Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning...
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Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning Raw Materials, January 1 Beginning Work in Process, January 1 Direct Labor for the current year Ending Finished Goods, December 31 Ending Raw Materials, December 31 Ending Work in Process, December 31 Material Purchases for the current year (including $21,000 of indirect material) $ 25,300 36,700 111,500 276,500 23,600 40,850 121,800 305,400 Note: The pre-determined overhead rate is 0.87 (87%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,370,000 and operating expenses were $270,000 for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,370,000 and operating expenses were $270,000 for the current year. Less: Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Sold Net Income from Operations DAVENPORT COMPANY Income Statement For the Current Year < Required 1 Required 2 Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning Raw Materials, January 1 Beginning Work in Process, January 1 Direct Labor for the current year Ending Finished Goods, December 31 Ending Raw Materials, December 31 Ending Work in Process, December 31 Material Purchases for the current year (including $21,000 of indirect material) $ 25,300 36,700 111,500 276,500 23,600 40,850 121,800 305,400 Note: The pre-determined overhead rate is 0.87 (87%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,370,000 and operating expenses were $270,000 for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,370,000 and operating expenses were $270,000 for the current year. Less: Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Sold Net Income from Operations DAVENPORT COMPANY Income Statement For the Current Year < Required 1 Required 2
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Related Book For
Managerial Accounting
ISBN: 978-1260413984
4th edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
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