Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Required: 1. Classify the following manufacturing costs of Business Solutions as either direct or indirect. 2. Prepare a schedule of cost of goods manufactured for

image text in transcribed
image text in transcribed
image text in transcribed
Required: 1. Classify the following manufacturing costs of Business Solutions as either direct or indirect. 2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2022. Assumet following manufacturing costs. Work in process inventory, beginning $0 Work in process inventory, ending $ 530 Pinished goods inventory, beginning $0 Finished goods inventory, ending $ 370 Direct materials used $ 2,700 Direct labor $ 900 Factory overhead $ 510 nt 3. Refer to the data in part 2 and prepare the cost of goods sold section of a partial Income statement for Business Solutions for month ended January 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Classify the following manufacturing costs of Business Solutions as either direct or indirect. Product Costs Cost by Traceability 1. Monthly fou to clean workshop 2. Laminate coverings for desktops 3. Taxes on assembly workshop 4. Glue to assemble workstation components 5. Wages of donk assembler 6. Electricity for workshop 7 Depreciation on manufacturing tools 3. Refer to the data in part 2 and prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2022. Assume the following manufacturing costs Work in process Inventory, beginning: $0 Work in process inventory, ending: $530 Finished goods inventory, beginning: $0 Finished goods inventory, ending: $370 Direct materials used : $2,700 Direct labor: $900 Factory overhead: $510 Show less BUSINESS SOLUTIONS Schedule of Cost of Goods Manufactured For Month Ended January 31, 2022 Total manufacturing costs 3. Refer to the data in part 2 and prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Refer to the data in part 2 and prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2022. BUSINESS SOLUTIONS Partial Income Statement For Month Ended January 31, 2022 Cost of goods sold Goods available for sale Cost of goods sold Required 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

3rd Edition

978-0077398194

Students also viewed these Accounting questions