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Exercise (Cost I)

The document provides financial data for ABC Products Company for 2020 including beginning and ending inventory amounts, expenses, sales, and other financial information. It asks to prepare a statement of cost of goods manufactured and an income statement using the provided data.

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35 views1 page

Exercise (Cost I)

The document provides financial data for ABC Products Company for 2020 including beginning and ending inventory amounts, expenses, sales, and other financial information. It asks to prepare a statement of cost of goods manufactured and an income statement using the provided data.

Uploaded by

narr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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St.

Mary’s university
Group work (max. 3)
Name:

ABC Products Company accumulated the following data for 2020.


Jan 1, 2020 Dec 31, 2020
Inventories:
Finished Goods $ 52,000 $ 54,000
Work in Process 29,600 27,800
Raw materials 14,200 15,000
Direct labor 95,000
Raw material purchases 138,000
Indirect labor 15,300
Indirect materials and supplies 10,800
Factory utilities 18,600
Depreciation expense- Factory 14,000
Factory rent 18,000
Payroll taxes- Factory wages 8,100
Repairs and maintenance 6,000
Insurance expense- Factory 6,800
Miscellaneous factory expenses 5,200
Sales 710,000
Sales discount 12,000
Selling expenses 95,600
General expenses 75,300
Interest expenses 7,000
Required:
1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

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