Rushmore Biking Inc. | ||||
Income Statement | ||||
For the month Ended February 28th | ||||
a) | Revenue | $ 18,50,700.00 | ||
Cost of goods sold | $ 10,33,900.00 | |||
Gross Profit | $ 8,16,800.00 | |||
Selling and Administrative expenses | ||||
Selling Expenses | $ 4,44,600.00 | |||
Administrative Expenses | $ 1,65,400.00 | |||
Total Selling and Administrative Expenses | $ 6,10,000.00 | |||
Income from Operation($816800-$610000) | $ 2,06,800.00 | |||
b) | Material Inventory | $ 73,500.00 | ||
Work in Process Inventory | $ 44,400.00 | |||
Finished Goods Inventory | $ 32,600.00 | |||
Working | ||||
Material Inventory | ||||
Material Purchased | $ 5,24,800.00 | |||
Less: Material used in production | $ 4,51,300.00 | |||
Materia Inventory February 28th | $ 73,500.00 | |||
Work in Process Inventory | ||||
Material used in production | $ 4,51,300.00 | |||
Direct Labor cost | $ 3,88,000.00 | |||
Factory Overhead(70% of $388000) | $ 2,71,600.00 | |||
Additions to Work in Process($451300+$388000+$271600) | $ 11,10,900.00 | |||
Less: Transferred to Finished goods | $ -10,66,500.00 | |||
Work in Process Inventory February 28th | $ 44,400.00 | |||
Finished Goods Inventory | ||||
Transferred to Finished goods | $ 10,66,500.00 | |||
Less: Cost of goods sold | $ -10,33,900.00 | |||
Finished Goods Inventory.February 28th | $ 32,600.00 | |||
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 $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 $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 $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 $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 $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 $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 $450,000 of materials. • Used $407,300 of direct materials in production. • Incurred $117,200 of direct labor wages. • Applied factory overhead at a rate of 47% of direct labor cost. • Transferred $549,600 of work in process to finished goods. Sold goods with a cost of $523,000. • 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. •...
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 $276,100 of materials. • Used $237,400 of direct materials in production. • Incurred $204,000 of direct labor wages. • Applied factory overhead at a rate of 75% of direct labor cost. • Transferred $570,600 of work in process to finished goods. • Sold goods with a cost of $552,200. •...