Reference no: EM132725080
Problem - Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following:
Balances: Beginning Ending
Direct Materials $130,500 $70,500
Work-in-Process Inventory 20,000 35,000
Finished Goods Inventory 18,500 52,000
Other information:
Actual Administrative Expenses 110,000
Actual Direct materials purchases $360,000
Budgeted Factory janitorial expense 7,000
Actual Sales salaries expenses 60,000
Actual Shipping expenses 13,000
Actual Net sales revenue 1,070,000
Budgeted Utilities for factory 13,000
Budgeted Rent on factory building 170,000
Actual Customer service hotline expense 12,000
Actual Direct labor 230,000
Actual Income Tax Expense 22,000
Budgeted Machine hours 1,900 hours
Actual Machine hours 1,950 hours
Required - Make a multi-step income statement for the company for 2018.
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: Gourmet Bones manufactures its own brand of pet chew bones. Make a multi-step income statement for the company for 2018
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