10-19Ex_5e_s

Survey of Accounting (Available Titles Cengagenow)

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Exercise 10-19 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the row immediately beneath an incorrect answer. a. SALSA INC. Income Statement For the Month Ended May 31, 2010 Revenues Gross profit Income from operations b. Materials inventory: Materials inventory, May 31 Work in process inventory: Additions to work in process Work in process inventory, May 31 Finished goods inventory: Finished goods inventory, May 31 Instructions
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Exercise 10-19 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the row immediately to the right of an incorrect answer.
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Unformatted text preview: a. SALSA INC. Income Statement For the Month Ended May 31, 2010 Revenues $870,000 Cost of goods sold 485,000 Gross profit $385,000 Sel ing expenses $210,000 Administrative expenses 75,400 285,400 Income from operations $99,600 b. Materials inventory: Purchased materials $244,000 Materials used in production 210,000 Materials inventory, May 31 $34,000 Work in process inventory: Materials used in production $210,000 Direct labor 180,000 Factory overhead 135,000 Additions to work in process $525,000 Transferred to finished goods 510,000 Work in process inventory, May 31 $15,000 Finished goods inventory: Transferred to finished goods $510,000 Cost of goods sold 485,000 Finished goods inventory, May 31 $25,000 Instructions...
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10-19Ex_5e_s - a. SALSA INC. Income Statement For the Month...

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