Financial Statements of a Manufacturing Firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $320,400 of materials • Used $275,500 of direct materials in production • Incurred $236,000 of direct labor wages • Applied factory overhead at a rate of 70% of direct labor cost • Transferred $649,600 of work in process to finished goods • old goods with a cost of $640,800 • Sold goods for $1,147,000 • Incurred $275,500 of selling expenses • Incurred $102,500 of administrative expenses a. Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31 Selling and administrative expenses: Total selling and administrative expenses
Financial Statements of a Manufacturing Firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $320,400 of materials • Used $275,500 of direct materials in production • Incurred $236,000 of direct labor wages • Applied factory overhead at a rate of 70% of direct labor cost • Transferred $649,600 of work in process to finished goods • old goods with a cost of $640,800 • Sold goods for $1,147,000 • Incurred $275,500 of selling expenses • Incurred $102,500 of administrative expenses a. Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31 Selling and administrative expenses: Total selling and administrative expenses
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 14E: The following events took place for Rushmore Biking Inc. during February, the first month of...
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