Reference no: EM132459288
Question 1: Information from the records of the Navaho Industries for the month of July is as follows:
1. Purchases of direct materials$24,000 Indirect labor 6,500 Direct labor 13,200 Depreciation on factory machinery 3,600 Sales 75,300 Selling and administrative expenses 8,900 Rent on factory building 8,400
2. Inventories:July 1July 31Direct materials$8,000 $6,700 Work-in-process 1,100 1,600 Finished goods 9,000 6,800
Required:
Problem (a) Prepare a statement of cost of goods manufactured and sold for the month of July.
Problem (b) Prepare a gross margin income statement for the month of July.
Essay
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