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Prepare an income statement

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Question-

Below is information regarding the account balances for Dixon's Engineering Ltd for the month ending 31 December 2011:

1 December 2011 31 December 2011

Inventories

- Raw Materials $14,000 $21,000
- Work in Process $32,000 $37,000
- Finished Goods $37,000 $44,000

Costs Incurred
- Direct Labour $72,000
- Factory Depreciation Expense $7,000
- Factory Supervisor Salaries $14,000
- Factory Utilities Expense $6,000
- Income Tax Expense $20,000

Charles Sturt University Subject Outline

ACC110 201230 S I-10 February 2012-Version 1 Page 15 of 21
- Indirect Labour $23,000
- Raw Material Purchases $62,000
- Sales Returns & Allowances $7,000
- Sales Salaries Expense $16,000

Required:

a) Prepare a Cost of Goods Manufactured Schedule for Dixon's Engineering Ltd for the month ending 31 December 2011.
b) Prepare an income statement (up to gross profit) for the same period assuming net sales are $ 240,000.

 

Reference no: EM13343586

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