Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndirect laborOffice salaries expense$59,00038,00039,00081,000910,00045,30039,200524,00079,00047,000Rent expense-Office space28,000Rent expense-Selling spaceRent expense-Factory buildingSales salaries expense67,000161,000386,000Required: using the following additional information for Abby Company, along with the information in #3 above,complete the requirements below.Raw materials inventory, beginningRaw materials inventory, endingWork in process inventory, beginning$ 180,000185,00054,0002,960,00058,000SalesWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending76,00084,000Required:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.# 1: (Fill in the boxes)Abby CompanySchedule of Cost of Goods ManufacturedFor the Year Ended December 31Direct materials:$4Raw materials purchasedLess: Raw materials inventory, ending185,000Direct materials used905,000Direct labor,000Factory overhead:161,000Maintenance expense-Factory equipment45,300Total factory overhead500Total manufacturing costs,500Add:54,0001,888,500Less: Work in process inventory, ending,000Cost of goods manufactured500

Name: Advertising expenseDepreciation expense-Office equipmentDepreciation
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Description: Advertising expenseDepreciation expense-Office equipmentDepreciation expense-Selling equipmentDepreciation expense-Factory equipmentRaw materials purchases (all direct materials)Maintenance expense-Factory equipmentFactory utilitiesDirect laborIndir

Cost of goods manufactured shows total costs incurred on production and manufacturing of goods. It…

Business

Accounting

using the following additional information for Abby Company, along with the information in #3 above, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $180,000 185,000 54,000 2,960,000 58,000 76,000 84,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

using the following additional information for Abby Company, along with the information in #3 above, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $180,000 185,000 54,000 2,960,000 58,000 76,000 84,000 Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 14E

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(Multiple Choice Question) Casting Corp gets new equipment delivered to its factory. The cost of delivery is: 1. Debit to an asset account called Equipment Delivery 2. Recorded as Freight In 3. Debited to the Equipment account along with the purchase price of the equipment 4. Recorded as Delivery Expense
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