Statement of cost of goods manufactured; income statement; balance sheet The adj

Question

Statement of cost of goods manufactured; income statement; balance sheet The adjusted trial balance for Sturek Furniture Company on November 30, the end of its first month of operation, is as follows: The general ledger reveals the following additional data: There were no beginning inventories. Materials purchases during the period were $33.000. Direct labor cost was $18,500. Factory overhead costs were as follows: Required: Prepare a statement of cost of goods manufactured for the month of November. Prepare an income statement for the month of November. Prepare a balance sheet as of November 30. {Hint: Do not forget Retained Earnings.)

Explanation / Answer

Cost Of Goods Manufactured Material Cost ( 7,400+33,000) $40,400.00 Direct Labor Cost 18,500.00 Factory Over Heads 12,650.00 Cost of Goods Manufactured 71,550.00 Income Statement for the month of Nov Sales $68,300.00 Less : Cost of Goods Sold (41,450.00) Gross Profit 68,300.00 Less: Selling and Administrative Expenses (15,200.00) Net Income 53,100.00

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.