Question
Sales 1,275,000 Depreciation, factory 79,050 Utilities, factory 19,635 Administrative expense 144,330 Purchase of raw materials 368,730 Raw materials, Mar31, 2020 41,820 selling expense 84,150 Raw
Sales 1,275,000
Depreciation, factory 79,050
Utilities, factory 19,635
Administrative expense 144,330
Purchase of raw materials 368,730
Raw materials, Mar31, 2020 41,820
selling expense 84,150
Raw materials, Mar1, 2020 61,200
Work-in-Process inventory, Mar31 51,000
Insurance, factory 21,420
Direct labour 80,223
Work-in-Process inventory, Mar1st 91,800
Indirect labour 156,060
Finished Goods Inventory, Mar1st 132,600
Supplies, factory 7,140
Finished Goods Inventory, Mar31 107,100
Maintenance, factory 45,390
Required:
prepare the income statements
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To prepare the income statement we need to calculate the cost of goods sold COGS and then deduct it from the total sales revenue to find the gross pro...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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