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please answer fast The accounting department at Mansbridge Inc. prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials
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The accounting department at Mansbridge Inc. prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual Manufacturing insurance (5) Office utilities Management salaries (6) Net income $1,395,100 248,390 267,500 37.500 28,100 50,400 95,000 64,500 45,000 45,000 22,988 393,000 $ 96,810 Notes: (1) 80% of the materials were direct (2) 70% direct labour, 30% Indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) This is a statement for the quarter (6) 30% related to manufacturing The department also compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials) Beginning Ending Direct materials $ 7,120 58,260 Work in process 9,520 Finished goods 11,538 7,570 8,320 Required: 1. Prepare a cost of goods manufactured statement for the quarter. MANSBRIDGE Inc Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Direct materials: Direct materials available for use 0 Direct materials used $ 0 Overhead 0 Total manufacturing costs $ 0 Total work-in-process $ 0 Cost of goods manufactured $ 0 Step by Step Solution
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