Question

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The following informations available for sharika Company for 2016: Inventories January 1 December 31 Materials $401,160 $501,450 Work in process 722,090 681,970 Finished goods 694,010 697,020 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power factory Indirect labor Materials purchased Office salaries expense Property taxes factory Property taxes-headquarters building Rent expense-factory $340,480 49,140 64,690 772,230 25,570 90,260 757,190 264,260 21,060 43,630 35,600 3,545,250 435,260 17,550 11,030 Sales Sales salaries expense Supplies.factory Miscellaneous costs.factory < Previous

Answer 1

Cost of Goods Manufactured 722,090 Add Beginning Work in Process Inventory Direct Material :- Beginning Inventory of Raw Material Material purchased Raw material Available for use Ending Inventory of Raw Material Direct Material used $ 401,160 $ 757,190 $ 1,158,350 $ 501,450 less $ 656,900 Direct Labor I$ 772,230 Factory Overhead: Indirect labor Depreciation expense - factory equipment Heat, light and power - factory Property Taxes - Factory Rent Expense - Factory Supplies - factory Miscellaneous Cost - Factory Total Factory Overhead Total Manufacturing cost incurred during period Total manufacturing cost to acount for Ending balance of Work in Process Inventory Cost of Goods Manufactured $ $ $ $ $ $ $ 90,260 64,690 25,570 21,060 35,600 17,550 11,030 $ 265,760 1,694,890 2,416,980 681,970 1,735,010 less Income Statement $ 3,545,250 less $ 694,010 $ 1,735,010 $ 2,429,020 $ 697,020 less $ $ 1,732,000 1,813,250 Sales Revenue Cost of Goods Sold: Beginning Inventory of finished goods Cost of goods manufactured Cost of finished goods available for sale Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Operating Expenses:- Administrative Expense: Office Salaries expense Depreciation Expense - office equipment Property Taxes headquarters building Selling Expenses: Advertising Expense Sales Salaries Expense Total Operating Expense Operating Profit $ $ $ 264,260 48,140 43,630 $ 356,030 $ 340,480 $ 435,260 $ 775,740 $ $ 1,131,770 681,480