The adjusted trial balance for Terre Haute Plastics Inc. on June 30, the end of its first
Question:
The adjusted trial balance for Terre Haute Plastics Inc. on June 30, the end of its first month of operation, is as follows:
.png)
The general ledger reveals the following additional data:
a. There were no beginning inventories.
b. Materials purchases during the period were $23,000.
c. Direct labor cost was $18,500.
d. Factory overhead costs were as follows:
Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,400
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,010
DepreciationÂbuilding . . . . . . . . . . . . . . . . . . . . . . . ........ 3,000
DepreciationÂmachinery and equipment . . . . . . . . . . . . . . . . . . . . . . 2,200
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750
$15,360
Required:
1. Prepare a statement of cost of goods manufactured for June.
2. Prepare an income statement for June.
3. Prepare a balance sheet as of June 30.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
1 Terre Haute Plastics Inc Statement of Cost of Goods Manufactured For the Month Ended November 30 2...View the full answer
