Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data were taken from the records of Moxie Company for the year ended December 31, 2014. Raw Materials Inventory 1/1/14 $ 47,000 Raw

The following data were taken from the records of Moxie Company for the year ended December 31, 2014. Raw Materials Inventory 1/1/14 $ 47,000 Raw Materials Inventory 12/31/14 44,200 Finished Goods Inventory 1/1/14 85,000 Finished Goods Inventory 12/31/14 57,800 Work in Process Inventory 1/1/14 9,500 Work in Process Inventory 12/31/14 8,000 Direct Labor 145,100 Indirect Labor 18,100 Accounts Receivable 27,000 Factory Insurance $ 7,400 Factory Machinery Depreciation 7,700 Factory Utilities 12,900 Goods Ofce Utilities Expense 8,600 Sales Revenue 465,000 Sales Discounts 2,500 Plant Managers Salary 60,000 Factory Property Taxes 6,100 Factory Repairs 800 Raw Materials Purchases 62,500 Cash 18,000 Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross pro t. (c) Prepare the current assets section of the balance sheet at December 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Fundamental Accounting Principles Volume I

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305821

More Books

Students also viewed these Accounting questions

Question

understand possible effects of lifestyle risk factors;

Answered: 1 week ago

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago