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Category > Applied Sciences Posted 29 Jul 2017 My Price 12.00

Pedriani Company

P1-5A Pedriani Company is a manufacturer of computers. Its controller resigned in October 2011. An inexperienced assistant accountant has prepared the following income statement for the month of October   2011.

PEDRIANI COMPANY

Income Statement

For the Month Ended October 31, 2011

 

Sales (net)

 

 

$780,000

Less: Operating expenses

 

 

 

Raw materials purchases

$264,000

 

 

Direct labor cost

190,000

 

 

Advertising expense

90,000

 

 

Selling and administrative salaries

75,000

 

 

Rent on factory  facilities

60,000

 

 

Depreciation on sales  equipment

45,000

 

 

Depreciation  on  factory equipment

31,000

 

 

Indirect labor cost

28,000

 

 

Utilities expense

12,000

 

 

Insurance expense

8,000

 

803,000

Net loss

 

 

$(23,000)

Prior to October 2011 the company had been profitable every month. The company’s president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows.

1.   Inventory balances at the beginning and end of October were:

 

 

October 1

 

October 31

Raw materials

$18,000

 

$34,000

Work  in process

16,000

 

14,000

Finished goods

30,000

 

48,000

2.   Only 70% of the utilities expense and 60% of the insurance expense apply to factory oper- ations. The remaining amounts should be charged to selling and administrative activities.

Instructions

(a)   Prepare a schedule of cost of goods manufactured for October 2011.

(b)   Prepare a correct income statement for October 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 06:07 PM My Price 12.00

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