income statement pls need asap Listed below are certain accounts of the IE Manufacturing Corporation with balances for the yearended December 31, 2021:Supplies expense-administrative officePhp10,300Depreciation---plant and equipment32,750Depreciation---administrative office3,500Direct labor cost320,207Transportation Expenses - administrative office3,000Factory heat, light, and power93,450Factory supplies cost12,500Finished goods inventory, 1/165,780Finished goods inventory, 12/31106,750Freight-in9,890Goods in process inventory, 1/125,000Goods in process inventory, 12/3121,920 Goods in process inventory, 1/125,000Goods in process inventory, 12/3121,920Indirect labor4,600Insurance and taxes (factory)15,620Purchases206,000Raw materials inventory, 1/1265,650Raw materials inventory, 12/31126,300Salaries expense - administrative officers40,500Additional Information:1. A total of 15,000 units were completed during the year.2. 50,000 units were sold for Php21.75 each.Requirements:1. Prepare a detailed cost of goods manufactured and sold statement for the year endedDecember 31, 20212. Prepare an income statement for the year ended December 31, 20213. Compute for the unit cost of goods manufactured

Answer:- Income statement meaning:- An income statement is a financial statement of the company…

Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600 Insurance and taxes (factory) 15,620 Purchases 206,000 Raw materials inventory, 1/1 265,650 Raw materials inventory, 12/31 126,300 Salaries expense - administrative officers 40,500 Additional Information: 1. A total of 15,000 units were completed during the year. 2. 50,000 units were sold for Php21.75 each. Requirements: 1. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021 2. Prepare an income statement for the year ended December 31, 2021, 3. Compute for the unit cost of goods manufactured

Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600 Insurance and taxes (factory) 15,620 Purchases 206,000 Raw materials inventory, 1/1 265,650 Raw materials inventory, 12/31 126,300 Salaries expense - administrative officers 40,500 Additional Information: 1. A total of 15,000 units were completed during the year. 2. 50,000 units were sold for Php21.75 each. Requirements: 1. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021 2. Prepare an income statement for the year ended December 31, 2021, 3. Compute for the unit cost of goods manufactured

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
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