Solution
Chi-Lite Inc. | ||
Income Statement | ||
For the Month Ended June 30 | ||
Revenues | $ 1,113,400 | |
Cost of Goods Sold | $ 622,000 | |
Gross Profit | $ 491,400 | |
Selling and Administrative Expenses: | ||
Selling Expenses | $ 267,500 | |
Administrative Expenses | $ 99,500 | |
Total Selling and Administrative Expenses | $ 367,000 | |
Operating Income | $ 124,400 |
.
.
Materials inventory, June 30 | $ 43,500 |
Work in process inventory, June 30 | $ 27,400 |
Finished goods inventory, June 30 | $ 35,700 |
Working
Working | ||
a. Materials inventory, June 30 | $ 43,500 | (311000-267500) |
Work in process inventory, June 30 | $ 27,400 | |
Finished goods inventory, June 30 | $ 35,700 | (657700-622000) |
.
Direct material | $ 267,500 |
Direct labor | $ 232,000 |
Overhead applied | $ 185,600 |
Total manufacturing cost | $ 685,100 |
Less: Cost of goods manufactured | $ 657,700 |
Ending work in process inventory | $ 27,400 |
Financial Statements of a Manufacturing Firm The following events took place for Chile Inc. during the...
Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $589,600 of materials. lessed $507,100 of direct materials in production. • Incurred $436,000 of direct labor wages. • Applied factory overhead at a rate of 70% of direct labor cost. • Transferred $1,198,400 of work in process to finished goods. • Sold goods with a cost of $1,167,400. • Sold goods...
Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $328,200 of materials. • Used $282,300 of direct materials in production. • Incurred $244,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. • Transferred $680,900 of work in process to finished goods. • Sold goods with a cost of $649,800. • Sold...
Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $438,100 of materials. • Used $376,800 of direct materials in production. • Incurred $324,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. • Transferred $906,000 of work in process to finished goods. • Sold goods with a cost of $863,100. • Sold...
Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $400,000 of materials. • Used $343,750 of direct materials in production. • Incurred $295,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. • Transferred $815,000 of work in process to finished goods. • Sold goods with a cost of $789,000. • Sold...
Financial statements of a manufacturing firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $470,000 of materials. Used $403,900 of direct materials in production. • Incurred $348,000 of direct labor wages. Applied factory overhead at a rate of 76% of direct labor cost. • Transferred $963,200 of work in process to finished goods. • Sold goods with a cost of $759,600. Sold goods for $1,347,800....
Financial statements of a manufacturing firm The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes: • Purchased $470,000 of materials. • Used $403,900 of direct materials in production. • Incurred $348,000 of direct labor wages. • Applied factory overhead at a rate of 72% of direct labor cost. • Transferred $950,000 of work in process to finished goods. • Sold goods with a cost of $793,800. • Sold...
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