ACCT 2300_P2-21 - Problem 2-21 Schedule of Cost of Goods...

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Schedule of Cost of Goods Manufactured: Income Statement: Cost Behavior The following selected account balance for the year ended December 31 are provided for Valenko Company: Advertising expense 215,000 Insurance, factory equipment 8,000 Depreciation, sales equipment 40,000 Rent factory building 90,000 Utilities, factory 52,000 Sales commissions 35,000 Cleaning supplies, factory 6,000 Depreciation, factory equipment 110,000 Selling and administrative salaries 85,000 Maintenance, factory 74,000 Direct labor ? Purchases of raw materials 260,000 Inventory balances at the beginning and end of the year were as follows: Inventories: BOY EOY Raw materials $50,000 $40,000 Work in Progress ? $33,000 Finished Goods $30,000 ? The total manufacturing costs for the year were $675,000; the goods available for sale totaled $720,000; and the cost of goods sold totaled $635,000. Required: 1. Prepare a schedule of cost of goods manufactured and then the cost of goods sold section of the company’s income statement for the year. Let’s first take a look at how to prepare the Schedule of Cost of Goods Manufactured and
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ACCT 2300_P2-21 - Problem 2-21 Schedule of Cost of Goods...

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