Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer as soon as possible 1. ColemanIndustries has the following cost records for March 2020: Direct materials (March 1, 2020) $40,000 Direct materials (March

image text in transcribed

please answer as soon as possible

1. ColemanIndustries has the following cost records for March 2020: Direct materials (March 1, 2020) $40,000 Direct materials (March 31, 2020) 20,000 Direct materials Purchases 80,000 Direct labour 120,000 Indirect factory labour 18,000 Factory utilities 1,600 Depreciation, factory equipment 5,600 Maintenance, factory equipment 7,200 Indirect materials 9,000 Factory manager's salary 12,000 Work in process (March 1, 2020) 12,000 Work in process (March 31, 2020) 11,000 Finished goods (March 1, 2020) 20,000 Finished goods (March 31, 2020) 38,000 Marketing Costs 44,000 General and Administrative Costs 24,000 a) Prepare a cost of goods manufactured schedule for March 2020.(20 points) b) Prepare an income statement through operating profit for March 2020, assuming net sales are $500,000.(10 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ACCA Advanced Audit And Assurance

Authors: Nick Blackwell, Annabel Lefton, Emile Woolf International

1st Edition

1848434715, 978-1848434714

More Books

Students also viewed these Accounting questions

Question

What clear examples of ethical lapses do you find in these cases?

Answered: 1 week ago