Answered step by step
Verified Expert Solution
Question
1 Approved Answer
use T accounting please and show me how u get the direct and indirect matiral calcualtion that is all the information Calculate the following and
use T accounting please and show me how u get the direct and indirect matiral calcualtion
that is all the information
Calculate the following and enter your answers in the boxes provided: Cost of goods manufactured Cost of goods sold Gross profit, if sales are $3,000,000 Show work for "gross profit" calculation in this cell. Income from operations Show work for "income from operations" calculation in this cell. Net income Show work for "net income" calculation in this cell. Total amount for inventory reported on 2020 Balance sheet Show work for "total inventory" calculation in this cell Instructions: Use the T-accounts to show the flow of product costs through the general ledger and provide the answers for the calculations listed above. (Enter answers, and work to arrive at answers, in the boxes provided.) Beginning of year $72,400 76,300 29,100 Raw materials inventory Finished goods inventory Work-in-process inventory Production line workers' wages Janitor's wages at the plant Insurance on plant General and administrative expenses Income tax expense Purchases of raw materials Depreciation - copiers at corporate headquarters Interest expense Repairs and maintenance on the plant Depreciation - plant building and equipment Loss on the sale of an investment Marketing expenses Plant manager's salary Unrealized loss - Equity End of Year $ 73,000 62,200 55,700 323,000 32.000 124,000 262,300 297,200 526,600 25.000 110,000 82,000 185,000 41.200 216,000 95,600 40.000 NOTE: Five percent of the materials that were put into production were indirect materials Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started