A list of account balances for Saint Lyonn Pastries follow: Revenue and Expenses January 1 inventories...
A list of account balances for Saint Lyonn Pastries follow: Revenue and Expenses January 1 inventories Purchases of raw materials $171,000 Raw materials $38,000 Direct labor $205,000 Work in process $41,000 Indirect labor $35,000 Finished Goods $105,000 Factory Rent $84,500 Depreciation Expense - Factory Equipment $25,000 Insurance - factory $18,000 December 31 inventories Salesperson's salaries $92,000 Raw materials $47,000 Maintenance - Factory Equipment $14,000 Work in process $25,000 Administrative Office Wages $76,000 Finished goods $93,000 Miscellaneous Expenses - Factory $28,000 Miscellaneous Expenses- Office $45,000 Raw Material Purchase Returns $6,200 Net Sales Revenues $950,000 CEO Salary $100,000 Utilities Expense - Factory $32,000 Administrative Office Rent $34,000
1. Determine the Cost of Goods Sold
2. Determine the Cost of Goods Manufactured for the fiscal year
3. Determine Net Income for the fiscal year
| Revenue and Expenses | January 1 inventories | |||
| Purchases of raw materials | $171,000 | Raw materials | $38,000 | |
| Direct labor | $205,000 | Work in process | $41,000 | |
| Indirect labor | $35,000 | Finished Goods | $105,000 | |
| Factory Rent | $84,500 | |||
| Depreciation Expense - Factory Equipment | $25,000 | |||
| Insurance - factory | $18,000 | December 31 inventories | ||
| Salesperson's salaries | $92,000 | Raw materials | $47,000 | |
| Maintenance - Factory Equipment | $14,000 | Work in process | $25,000 | |
| Administrative Office Wages | $76,000 | Finished goods | $93,000 | |
| Miscellaneous Expenses - Factory | $28,000 | |||
| Miscellaneous Expenses- Office | $45,000 | Raw Material Purchase Returns | $6,200 | |
| Net Sales Revenues | $950,000 | |||
| CEO Salary | $100,000 | |||
| Utilities Expense - Factory | $32,000 | |||
| Administrative Office Rent | $34,000 |
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A list of account balances for Saint Lyonn Pastries follow:
Revenue and Expenses January 1 inventories...
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and...
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