10 Nov Cost Accounting Cycle; Cost of Goods Sold and Inco
Cost Accounting Cycle; Cost of Goods Sold and Income Statements. Baker Co., a manufacturer, had these beginning and ending inventories at the end of its current year Beginning Ending Raw materials $22,000 $30,000 Work in process 40,000 48,000 Finished goods 25,000 18,000 During the year the following transactions occurred Raw materials purchased $300,000 Indirect materials and supplies purchased 50,000 Direct labor cost 120,000* Indirect factory labor 60,000* Property taxes and depreciation on factory building 20,000 Property taxes and depreciation on salesroom and office (shared on a 50%-50% basis) 15,000 Utilities (60% to factory, 20% to salesroom, and 20% to office). . $ 50,000 Indirect materials issued to factory 40,000 Factory overhead applied on the basis of 120% of direct labor cost ? Salesmen's salaries 40,000* Office salaries 24,000* Sales on account 730,000 Over- or underapplied factory overhead is deducted from or added to cost of goods sold. Required: (1) Draw up T accounts, and post the data therein. (Credit purchases and payroll to Accounts Payable.) (2) A cost of goods sold statement. (3) An income statement.
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