ACC - General Lawnmower Company Problem
Question # 00026006
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Updated on: 09/16/2014 01:08 AM Due on: 09/16/2014
The following information applies to the General Lawnmower Company for the year ended December 31, 2010:
Factory Rent $80,000
Direct Materials Inventory, Beginning $50,000
Direct Materials Inventory, Ending $45,000
Direct Materials Purchases $325,000
Direct Labor—Wages $550,000
Indirect Labor—Wages $25,000
Finished Goods Inventory, Beginning $50,000
Finished Goods Inventory, Ending $75,000
Indirect Materials $50,000
Plant Utilities $25,000
General and Administrative $130,000
Work-in-Process Inventory, Beginning $50,000
Work-in-Process Inventory, Ending $55,000
Marketing Expenses $180,000
Sales Revenue $1,825,000
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2010.
Factory Rent $80,000
Direct Materials Inventory, Beginning $50,000
Direct Materials Inventory, Ending $45,000
Direct Materials Purchases $325,000
Direct Labor—Wages $550,000
Indirect Labor—Wages $25,000
Finished Goods Inventory, Beginning $50,000
Finished Goods Inventory, Ending $75,000
Indirect Materials $50,000
Plant Utilities $25,000
General and Administrative $130,000
Work-in-Process Inventory, Beginning $50,000
Work-in-Process Inventory, Ending $55,000
Marketing Expenses $180,000
Sales Revenue $1,825,000
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2010.
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Rating:
/5
Solution: ACC - General Lawnmower Company Problem Solution