Homework Solutions  
» Home
  

See All Homework
Questions here

Question Description

 
Posted by: Annie kavitha
Price Quoted by Student: $5
Posted On: 2010-09-06 01:01:43
 
Question

Mayvile Company, a sole proprietorship, reports the following information prtaining to its 2002 operating activities

 

 

  

12/31/02

02-01-2001

Balance

Balance

Materials Inventory

$20,000

$40,000

Work in Process Inventory

29,000

60,000

Finished Goods Inventory

52,000

42,000

 

During the year, the company purchased $30,000 of direct materials and incurred $21,000 of direct
labor costs. Total manufacturing overhead costs for the year accounted to $18,000. Selling and
administrative expenses amounted to $60,000 and the company's annual sales amounted to $200,000

Instructions
a. Prepare Mayville's schedule of the cost of finished goods manufactured for 2002.

b. Prepare Mayville's 2002 income statement (ignore income taxes).


Solutions
SOLUTION a.      
Price $5
Attachment 1: mayvile company.xls
Solution Posted By: Annie kavitha    Posted on: 06-09-2010