Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer, thanks #6 Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019 Sales Purchases
please answer, thanks #6
Margaret Rosenthal, accountant for Russell Manufacturing Company, 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 Insurance (manufacturing) Office utilities Management salaries (5) Net income $1,400,600 248,940 267,700 37,600 28,200 50,600 96,000 64,700 47,000 46,eee 23,000 394,000 96,860 Notes: (1) 90% of the materials were direct (2) 80% direct labour: 20% Indirect labour (3) 90% related to manufacturing (4) 80% related to manufacturing (5) 40% related to manufacturing Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain Inventories of indirect materials) Direct materials Work in process Finished goods Beginning $ 7,170 8,370 11.580 Ending $8,340 9,600 7,600 Required: 1. This part of the question is not part of your Connect assignment 2. Prepare a cost of goods manufactured statement for the quarter RUSSELL MANUFACTURING COMPANY Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Direct materials **: Neyt Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter. RUSSELL MANUFACTURING COMPANY Cost of Goods Manufactured Statement For the Quarter Ending December 31, 2019 Direct materials: Direct materials available for use $ $ 0 Direct materials used S 0 Overhead Total manufacturing costs 0 $ 0 Total work-in-process $ 0 Cost of goods manufactured S 3. Prepare a revised Income statement for the quarter. RUSSELL MANUFACTURING COMPANY Income Statement For the Quarter Ending December 31, 2019 Cost of goods sold: Goods available for sale 0 Cost of goods sold 0 $ 0 Deduct: Selling and administrative expenses 0 0 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started