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This is what you will turn in for Chap 1 . The problem is called Waterways on page 1-40. I want you to use the
This is what you will turn in for Chap 1 . The problem is called Waterways on page 1-40. I want you to use the data shown and do part b, create a cost of manufacturing, cost of goods sold, and an income statement. No need to do the balance sheet, although there are balance sheet accounts listed. Do not use the balance sheet accounts in calculating Cost of goods sold, except for the beginning and ending inventories. Use spreadsheet or pencil & paper and upload to the assignment spot. We will have a short amount of time in class on Monday for questions. Feel free to ask questions before class on the discussion spot.
Notes;
where it says Salaries $325,000 - those are period cost, not manufacturing
Prepaid expenses - this is a balance sheet account not manufacturing or period cost
The beginning inventories are the ones for Oct 31, the ending are Nov 30 - this is just a one month thing
sales commissions are a form of sales salaries
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