Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help figure out the categories and amounts. Not certain if my categories I have in here are correct. Thank you 2. Prepare San Fernando
Please help figure out the categories and amounts. Not certain if my categories I have in here are correct. Thank you
2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. SAN FERNANDO FASHIONS COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x2 Cost of goods available for sale Cost of goods sold 3. Prepare San Fernando Fashions' income statement for the year. SAN FERNANDO FASHIONS COMPANY Income Statement For the Year Ended December 31, 20x2 Income before taxes 0 0 1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. SAN FERNANDO FASHIONS COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x2 Direct material: Direct labor 190,000 Add: Purchases of raw material 160,000 Raw-material inventory, January 1 $ 40,000 Add: Raw-material inventory, December 31 25,000 Direct labor Indirect labor Manufacturing overhead: Indirect material Other manufacturing overhead Utilities: plant Depreciation: plant and equipment Indirect material Indirect labor Other manufacturing overhead Total manufacturing overhead Total manufacturing costs Less: Work-in-process inventory, December 31 Subtotal Add: Work-in-process inventory, January 1 Cost of goods manufactured Required information [The following information applies to the questions displayed below.] The following data refer to San Fernando Fashions Company for the year 20x2: $950,000 30,000 36,000 150,000 90,000 160,000 25,000 40,000 190,000 40,000 50,000 50,000 20,000 8,000 12,000 40,000 Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overheadStep 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