Managerial Acct Week 1

Managerial Acct Week 1 - Problem 2-24 Income Statement:...

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Problem 2-24 Income Statement: Schedule of Cost of Goods: Production in units 29,000 sale price unit is Sales in units 26000 Ending finished goods inventory in units 3,000 Sales in dollars $1,300,000 Costs: Direct Labor $90,000 Raw Materials purchased $480,000 Manufactured overhead $300,000 Selling and administrative expense $380,000 Cost of Goods per Unit= $13.10 Beginning of the year End of Year Inventories: Raw Materials $20,000 $30,000 Work in progress $50,000 $40,000 Finished goods $0 $39,310 Income Statement for the Year Sales $1,300,000 Cost of Goods Sold: Beginning Inventory $20,000 Add: Purchases $480,000 Goods Available for Sale $500,000 Deduct: Ending Inventory $30,000 $470,000 Gross Margin $830,000 Selling and Administrative Expenses $380,000 Net Operating Income $450,000 Problem 2-25: Working with incomplete Data from the income statement and Schedule of Cost of Goo Case 1 Case 2 Case 3 Schedule of Cost of Goods Manufactured Direct Materials $4,500 $6,000 $5,000 Direct Labor $18,000 $3,000 $7,000 Manufactured overhead $5,000 $4,000 $22,000
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Managerial Acct Week 1 - Problem 2-24 Income Statement:...

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