Answers
[a]
Income Statement | ||
Revenues | $865,300 | |
Cost of Goods Sold | $523,000 | |
Gross Profits | $342,300 | |
Operating expenses: | ||
Selling Expenses | $175,900 | |
Administrative expenses | $85,600 | |
Total Operating expense | $261,500 | |
Net Income | $80,800 |
[b]
Material ($450000 - 407300) | $42,700 |
Work in Process ($407300+117200+(117200 x 47%)-549600) | $29,984 |
Finished Goods ($549600-523000) | $26,600 |
Financial statements of a manufacturing firm The following events took place for Rushmore Biking Inc. during...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $480,000 of materials. • Used $434,500 of direct materials in production. • Incurred $125,000 of direct labor wages. • Applied factory overhead at a rate of 40% of direct labor cost. • Transferred $578,000 of work in process to finished goods. • Sold goods with a cost of $550,000. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $385,900 of materials. • Used $331,900 of direct materials in production. • Incurred $284,000 of direct labor wages. • Applied factory overhead at a rate of 80% of direct labor cost. • Transferred $809,400 of work in process to finished goods. • Sold goods with a cost of $771,800. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc, during February, the first month of operations as a producer of road bikes: • Purchased $483,800 of materials. • Used $416,100 of direct materials in production. • Incurred $360,000 of direct labor wages. • Applied factory overhead at a rate of 70% of direct labor cost. • Transferred $987,000 of work in process to finished goods. • Sold goods with a cost of $967,600. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: - Purchased $581,100 of materials. • Used $499,700 of direct materials in production. • Incurred $432,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. - Transferred $1,205,500 of work in process to finished goods. • Sold goods with a cost of $1,156,400. •...
Financial statements of a manufacturing firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $390,000 of materials. • Used $353,000 of direct materials in production. . Incurred $101,600 of direct labor wages. • Applied factory overhead at a rate of 41% of direct labor cost. • Transferred $470,600 of work in process to finished goods. . Sold goods with a cost of $447,800. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $365,100 of materials. • Used $314,200 of direct materials in production. • Incurred $272,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. • Transferred $758,600 of work in process to finished goods. • Sold goods with a cost of $723,500. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $354,000 of materials. • Used $304,400 of direct materials in production. • Incurred $260,000 of direct labor wages. • Applied factory overhead at a rate of 80% of direct labor cost. • Transferred $741,500 of work in process to finished goods. . Sold goods with a cost of $697,400. •...
Financial statements of a manufacturing firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $400,000 of materials • Used $43,500 of direct materials in production • Incurred $127.600 of direct labor wages • Applied factory overhead at a rate of 50% of direct labor cost. • Transferred $602,100 of work in process to finished goods. • Sold goods with a cost of $573,000. •...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc, during February, the first month of operations as a producer of road bikes: Purchased $524,800 of materials, • Used $451,300 of direct materials in production • Incurred $388,000 of direct labor wages. • Applied factory overhead at a rate of 70% of direct labor cost. • Transferred $1,066,500 of work in process to finished goods. • Sold goods with a cost of $1,033,900. • Revenues...
Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $601,400 of materials. • Used $517,200 of direct materials in production. • Incurred $444,000 of direct labor wages. • Applied factory overhead at a rate of 80% of direct labor cost. • Transferred $1,263,700 of work in process to finished goods. • Sold goods with a cost of $1,190,800. •...