Required: Cost of goods sold statementP1,100,0006% of sales2% of sales300,000240,000SalesSelling and marketing expensesAdministrative expensesMaterial purchasesDirect laborNovember 1P 130,00094,00072,000November 31P 100,00080,00086,000Inventories:Finished goodsWork in processRaw materialsFactory overhead is applied at 120% of direct labor cost.Assume effective income tax rate of 30%Required:а.Calculate the cost of goods manufacturedb.Prepare an income statement

Name: Required: Cost of goods sold statementP1,100,0006% of sales2% of sale
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Description: Required: Cost of goods sold statementP1,100,0006% of sales2% of sales300,000240,000SalesSelling and marketing expensesAdministrative expensesMaterial purchasesDirect laborNovember 1P 130,00094,00072,000November 31P 100,00080,00086,000Inventories:Fi

Raw materials are the direct materials that are used in the direct production of goods. The raw…

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Required: Cost of goods sold statement P1,100,000 6% of sales 2% of sales 300,000 240,000 Sales Selling and marketing expenses Administrative expenses Material purchases Direct labor November 1 P 130,000 94,000 72,000 November 31 100,000 80,000 86,000 Inventories: Finished goods Work in process Raw materials Factory overhead is applied at 120% of direct labor cost. Assume effective income tax rate of 30% Required: a. Calculate the cost of goods manufactured b. Prepare an income statement

Required: Cost of goods sold statement P1,100,000 6% of sales 2% of sales 300,000 240,000 Sales Selling and marketing expenses Administrative expenses Material purchases Direct labor November 1 P 130,000 94,000 72,000 November 31 100,000 80,000 86,000 Inventories: Finished goods Work in process Raw materials Factory overhead is applied at 120% of direct labor cost. Assume effective income tax rate of 30% Required: a. Calculate the cost of goods manufactured b. Prepare an income statement

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 15E: Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are...

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