Provide the following requirement (a,b and c) of the problem: Problem 9-2 (IAA)Masay Company provided the following information for thecurrent year:SalesInyentories - January 1:Raw materialsGoods in processFinished goodsInventories - December 31:Raw materialsGoods in processFinishéd goodsPurchasesDirect laborIndirect laborSuperintendenceLight, heat and powerRent - factory buildingRepair and maintenance - machineryFactory supplies usedSales salariesAdvertisingDepreciation - store equipmentOffice şalariesDepreciation - office equipmentDepreciation - machinerySales returns and allowancesInterest incomeGain on sale of equipmentDelivery expensesAccounting and legal feesOffice expensesEarthquake lossGain from expropriation of assetIncome tax expense7,500,000200,000240,000360,000280,000170,000300,0003,000,000950,000250,000210,000320,000120,00050,00010,000400,000160,00070,000150,00040,00060,00050,000 -10,000100,000200,000150,000250,000300,000100,000320,000Required:a. Statement of cost of goods manufactured* Income statement using the "cost of goods sold" methodC. Income statement using the "nature of expense" method

preparation of income statement are as follows

Masay Company provided the following information for the Problem 9-2 (IAA) current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods 7,500,000 200,000 240,000 360,000 ntories. December 31.

Masay Company provided the following information for the Problem 9-2 (IAA) current year: Sales Inyentories - January 1: Raw materials Goods in process Finished goods 7,500,000 200,000 240,000 360,000 ntories. December 31.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Provide the following requirement (a,b and c) of the problem:

Problem 9-2 (IAA)
Masay Company provided the following information for the
current year:
Sales
Inyentories - January 1:
Raw materials
Goods in process
Finished goods
Inventories - December 31:
Raw materials
Goods in process
Finishéd goods
Purchases
Direct labor
Indirect labor
Superintendence
Light, heat and power
Rent - factory building
Repair and maintenance - machinery
Factory supplies used
Sales salaries
Advertising
Depreciation - store equipment
Office şalaries
Depreciation - office equipment
Depreciation - machinery
Sales returns and allowances
Interest income
Gain on sale of equipment
Delivery expenses
Accounting and legal fees
Office expenses
Earthquake loss
Gain from expropriation of asset
Income tax expense
7,500,000
200,000
240,000
360,000
280,000
170,000
300,000
3,000,000
950,000
250,000
210,000
320,000
120,000
50,000
10,000
400,000
160,000
70,000
150,000
40,000
60,000
50,000 -
10,000
100,000
200,000
150,000
250,000
300,000
100,000
320,000
Required:
a. Statement of cost of goods manufactured
* Income statement using the "cost of goods sold" method
C. Income statement using the "nature of expense" method

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