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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 2 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
The following data were taken from the records of Moxie Manufacturing Company for the year ended December 31, 2012.
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|
Raw Materials   |
 |
Factory Insurance   |
$7,400 Â Â |
|
Inventory 1/1/12 Â Â |
$47,000 Â Â |
Factory Machinery   |
 |
|
Raw Materials   |
 |
Depreciation   |
7,700 Â Â |
|
Inventory 12/31/12 Â Â |
44200 Â Â |
Factory Utilities   |
12,900 Â Â |
|
Finished Goods   |
 |
Office Utilities Expense   |
8,600 Â Â |
|
Inventory 1/1/12 Â Â |
85000 Â Â |
Sales   |
465,000 Â Â |
|
Finished Goods   |
 |
Sales Discounts   |
2,500 Â Â |
|
Inventory 12/31/12 Â Â |
57800 Â Â |
Plant Manager"s Salary   |
60,000 Â Â |
|
Work in Process   |
 |
Factory Property Taxes   |
6,100 Â Â |
|
Inventory 1/1/12 Â Â |
9500 Â Â |
Factory Repairs   |
800 Â Â |
|
Work in Process   |
 |
Raw Materials Purchases   |
62,500 Â Â |
|
Inventory 12/31/12 Â Â |
8000 Â Â |
Cash   |
18,000 Â Â |
|
Direct Labor   |
145100 Â Â |
 |  |
|
Indirect Labor   |
18100 Â Â |
 |  |
|
Accounts Receivable   |
27000 Â Â |
 |  |
Instructions
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(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
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(b) Prepare an income statement through gross profit.
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(c) Prepare the current assets section of the balance sheet at December 31.
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