Maurice Tutor

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Category > Accounting Posted 18 Aug 2017 My Price 9.00

Petersham Company

51.     LO7. (CGM; CGS) August 2010 inventory and cost data for Petersham Company are as follows:

 

Direct labor

$182,400

Direct material purchased

196,300

Direct material used

195,800

Selling and administrative expenses

171,200

Factory overhead

205,700

8/1/10

8/31/10

Direct material                $12,300

WIP                                25,900

$        ?

33,300

Finished goods             62,700

55,500

 

a.     Compute the inventory value for direct materials at August 31, 2010.

b.    Compute total product costs for August 2010.

c.     Prepare a schedule of cost of goods manufactured for August 2010.

d.    Compute cost of goods sold for August 2010.

e.     Prepare an income statement for August 2010. Assume that Petersham’s income tax rate is 40 percent. Sales for August 2010 were $985,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 11:08 PM My Price 9.00

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