mr to August 2020, the company had been profitable every month. The company's president is concerned about the racy of the income statement. As her friend, she has asked you to review the income statement and make necessary rections. After examining other manufacturing cost data, you have acquired the following additional information. Inventory balances at the beginning and end of August were as follows: August 1 $19,500 August 31 $30,000 Raw materials Work in process 25,000 21,000 Finished goods 40,000 59,000 Only 50% of the utilities expense and 70% of the insurance expense apply to factory operations; the remaining amounts should be charged to selling and administrative activities. ructions Prepare a cost of goods manufactured schedule for August 2020. CGM $477,000 Prepare a correct income statement for August 2020.

mr to August 2020, the company had been profitable every month. The company's president is concerned about the racy of the income statement. As her friend, she has asked you to review the income statement and make necessary rections. After examining other manufacturing cost data, you have acquired the following additional information. Inventory balances at the beginning and end of August were as follows: August 1 $19,500 August 31 $30,000 Raw materials Work in process 25,000 21,000 Finished goods 40,000 59,000 Only 50% of the utilities expense and 70% of the insurance expense apply to factory operations; the remaining amounts should be charged to selling and administrative activities. ructions Prepare a cost of goods manufactured schedule for August 2020. CGM $477,000 Prepare a correct income statement for August 2020.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 14DQ

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