Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 07 May 2018 My Price 9.00

Moxie Company

The following data were taken from the records of Moxie Company for the year ended December 31, 2017.

Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet.

(LO 3)

Raw Materials

  

Factory Insurance

$7,400

   Inventory 1/1/17

$ 47,000

Factory Machinery

  

Raw Materials

  

   Depreciation

7,700

   Inventory 12/31/17

44,200

Factory Utilities

12,900

Finished Goods

  

Office Utilities Expense

8,600

   Inventory 1/1/17

85,000

Sales Revenue

465,000

Finished Goods

  

Sales Discounts

2,500

    Inventory 12/31/17

57,800

Plant Manager’s Salary

60,000

Work in Process

  

Factory Property Taxes

6,100

    Inventory 1/1/17

9,500

Factory Repairs

800

Work in Process

  

Raw Materials Purchases

62,500

    Inventory 12/31/17

8,000

Cash

18,000

Direct Labor

145,100

    

Indirect Labor

18,100

    

Accounts Receivable

27,000

    

 

(a)   CGM $324,900

(b)   Gross profit $110,400

(c)   Current assets $155,000

 

Instructions

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

(b) Prepare an income statement through gross profit.

(c) Prepare the current assets section of the balance sheet at December 31.

Prepare a cost of goods manufactured schedule and a correct income statement.

(LO 3)

Answers

Maurice Tutor
(5)
Status NEW Posted 07 May 2018 04:05 PM My Price 9.00

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