Question
Need a help for this! The following information is obtained from the records of Kaiser Company: On January 1, 2017 the following machines were acquired
Need a help for this!
The following information is obtained from the records of Kaiser Company:
- On January 1, 2017 the following machines were acquired for cash:
Production machines costs | $ 6,000 |
Marketing machines costs | $ 3,000 |
Administrative machines costs | $1,500 |
The expected useful life of all machines is five years, no salvage value, and the firm uses the straight-line method.
2. On January 2, the firm purchased for cash raw materials at cost of $5,000.
3. On January 3, the following materials were issued for use:
Production machines costs | $ 2,000 |
Marketing machines costs | $ 500 |
Administrative machines costs | $250 |
- On January 14, the company paid the payroll:
Production machines costs | $ 3,000 |
Marketing machines costs | $2,000 |
Administrative machines costs | $1,500 |
- On January 18, the firm paid the following expenses:
Production machines costs | $500 |
Marketing machines costs | $300 |
Administrative machines costs | $200 |
- Cash sales during January were $15,000.
- A fire destroyed raw material of $100.
4. How much is the amount of product cost?
How much is the amount of period cost?
How much is the amount of loss?
How much is the Gross Profit?
How much is the Net Income From Operation?
How much is the Net Income Before Tax?
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