Question
Toyota's automobile division provided the following data for April 2023: Description Amount (in $) Raw Material Inventory (1/4) 150,000 Purchases 800,000 Raw Material Inventory (30/4)
Toyota's automobile division provided the following data for April 2023:
Description | Amount (in $) |
Raw Material Inventory (1/4) | 150,000 |
Purchases | 800,000 |
Raw Material Inventory (30/4) | 130,000 |
Direct Labor | 600,000 |
Factory Overhead | 400,000 |
Finished Goods Inventory (1/4) | 210,000 |
Finished Goods Inventory (30/4) | 170,000 |
Sales | 6,000,000 |
Operating Expenses | 1,000,000 |
Requirements:
- Calculate the Raw Materials Used.
- Determine the Total Manufacturing Costs.
- Compute the Cost of Goods Manufactured.
- Calculate the Cost of Goods Sold.
- Prepare the Income Statement for April 2023.
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Survey of Accounting
Authors: Carl S. Warren
8th edition
1305961889, 978-1337517386, 1337517380, 978-1305961883
