Question
This is what you will turn in for Chap 1 . The problem is called Waterways on page 1-40. I want you to use the data shown and do part b, create a cost of manufacturing, cost of goods sold, and an income statement. No need to do the balance sheet, although there are balance sheet accounts listed. Do not use the balance sheet accounts in calculating Cost of goods sold, except for the beginning and ending inventories. Use spreadsheet or pencil & paper and upload to the assignment spot. We will have a short amount of time in class on Monday for questions. Feel free to ask questions before class on the discussion spot.

Notes;

where it says Salaries $325,000 - those are period cost, not manufacturing

Prepaid expenses - this is a balance sheet account not manufacturing or period cost

The beginning inventories are the ones for Oct 31, the ending are Nov 30 - this is just a one month thing

sales commissions are a form of sales salaries
Writers di- rection because of the uniqueness of the companys products. There is a small human resources department under t
Repairs—Factory Equipment Salaries period cost Sales Revenue Sales Commissions Work in Process Inventory, October 31 Work in
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Answer #1

169800 42000 211800 Statement of Cost of Goods manufactured For the Month ended November 30 Direct material consumed: Invento

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