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please only complete for the pink spaces. thanks below image for an example of the Schedule of the Cost Finished. This is the complete information
please only complete for the pink spaces. thanks
below image for an example of the Schedule of the Cost Finished.
This is the complete information for SEBEKA COMPANY problem. exercise 16.9
Exercise 16.9 Hint: See Exhibit 16-7 in your textbook for an example of the Schedule of the Cost of Finished Part A Hint: Remember that you will compute direct materials used by taking the direct materials in beginning inventory, adding the direct materials purchased during the period, and subracting the direct materials in ending inventory. SEBEKA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Month Ended January 31 \begin{tabular}{l|l||l||} \hline 8 & Work in process inventory, January 1 & \\ \hline 9 & Add: Manufacturing costs assigned to production: & \\ 10 & Direct materials used & \\ 11 & Direct labor & \\ 12 & Manufacturing overhead & \\ 13 & & \\ 14 & Total costs in process & \\ 15 & Less: Work in process inventory, January 31 & \\ 16 & Cost of finished goods manufactured & \\ 17 & & \\ 18 & Computation of direct materials used: & \\ 19 & Direct materials, January 1 & \\ 20 & Add: Direct materials purchased & \\ 21 & Direct materials available & \\ 22 & Less: Direct materials, January 31 & \\ \hline 23 & Direct materials put into production & \\ \hline \end{tabular} Hint: Recall that you can calculate cost of goods sold as begining finished goods inventory plus the cost of finished goods manufactured minus ending finshed good inventory. The Sebeka Company reports the following information pertaining to the month of January. During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000, and the company's January sales amounted to $500,000. a. Prepare Sebeka's schedule of the cost of finished goods manufactured. b. Prepare Sebeka's income statement (ignore income taxes). EXHIBIT 16-7 Schedule of Manufacturing Activities at Conquest, Inc., for 2021 During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000, and the company's January sales amounted to $500,000. a. Prepare Sebeka's schedule of the cost of finished goods manufactured. b. Prepare Sebeka's income statement (ignore income taxes)Step by Step Solution
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