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Please specify where the numbers come from!! thank youu!! SOUNDS DICS, Co, produces custom special soundproof spaces for radio stations. The following inventory balances appeared
Please specify where the numbers come from!! thank youu!!
SOUNDS DICS, Co, produces custom special soundproof spaces for radio stations. The following inventory balances appeared on its balance sheet. (Note that the most current financial information is presented in the first column) December 31, 2020 December 31, 2019 Raw materials inventory $ 12,000 $ 13,000 Work-in-process inventory 780,000 780,000 Finished goods inventory 505,000 680,150 SOUNDS DICS had $1,755,500 in sales for the year ended December 31, 2020. The company also had the following costs for the year Selling $ 84,000 General and administrative $263,000 Raw materials purchases $135,000 Direct labor used in production $115,250 Manufacturing overhead $585,120 of the total raw materials placed in production for the year, $22,000 was for indirect materials and must be deducted to find direct materials placed in production. Required: 1. Prepare the schedules listed in the following for the year ended December 31, 2020. shown in COGS Examples / Practices 2. Schedule of raw materials placed in production. 3. Schedule of cost of goods manufactured. 4. Schedule of cost of goods sold. 5. Prepare an income statement for the year ended December 31, 2012. 6. Assume SOUNDS DICS, Co., is a merchandising company that purchases its inventory from a manufacturer. Use the information from the schedule of cost of goods sold prepared in requirement 1 and the income statement prepared in requirement 2 to pfepare an income statementStep by Step Solution
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