2. Income astatement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplled overhea Factory overhead is applied at the rate of 150% of direct labor cost. Over- underapplied factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: Finished goods.. Work in process. Materials... September 1 $15,000 9,600 September 30 $17,500 13,000 7,400 7,000 Other data: Factory nverhead (actual). Marketing expense... General and administrative expenses. Sales for the month.... $ 48,200 14,100 22,900 182,000 Required: Prepare an income statement with a schedule showing the cost ni goods manufactured and sold.
2. Income astatement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplled overhea Factory overhead is applied at the rate of 150% of direct labor cost. Over- underapplied factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: Finished goods.. Work in process. Materials... September 1 $15,000 9,600 September 30 $17,500 13,000 7,400 7,000 Other data: Factory nverhead (actual). Marketing expense... General and administrative expenses. Sales for the month.... $ 48,200 14,100 22,900 182,000 Required: Prepare an income statement with a schedule showing the cost ni goods manufactured and sold.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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