Answer:
Answer: Cost of goods sold, gross profit and net income
Step-by-step explanation:
Bandera Manufacturing Company
Cost of Goods Sold
Jan-31
Finished Goods Inventory, January 1 73590
Add: Cost of Goods Manufactured 306090
Total Goods Available for Sales 379680
Less: Finished Goods Inventory, January 31 67080
Cost of Goods Sold 312600
b)
Bandera Manufacturing Company
Gross Profit
Jan-31
Sales 651250
Less: Cost of Goods Sold 312600
Gross Profit 338650
c)
Bandera Manufacturing Company
Net Income
Jan-31
Gross Profit 338650
Operating Expenses:
Selling expenses 102250
Administrative expenses 54050
Less: Total Operating Expense 156300
Net Income 182350
2)
a)
Digital Vibe Manufacturing Company
Income Statement
For the Month Ended January 31
Sales 232300
Less: Cost of goods sold 103400
Gross profit 128900
Less: Operating expense
Selling expense 59400
Administrative expense 26100
Total operating expense 85500
Net income 43400
b)
Particulars Amount ($)
Materials purchased 48300
Less: Materials used for production 37200
Ending balance of materials 11100
Particulars Amount ($)
Materials used for production 37200
Add: Direct labor wages 55500
Add: Factory overhead 78200
Total cost of manufacturing 170900
Less: Transferred to finished goods 129900
Ending balance of work-in-process 41000
Particulars Amount ($)
Transfer from work-in-process 129900
Less: Cost of goods sold 103400
Ending balance of finished goods 26500