Reference no: EM132562513
Greek group of companies submitted following information on June 30, 2019.
Accounts $
Sales 650,000
Direct Labor 70,000
Purchase return and allowance 4,500
Applied MOH 39,000
Freight in 1,000
Work-in process, Jul 01, 2018 30,000
Work-in process, Jun 30, 2019 20,000
Purchases 105,000
Raw material inventory, Jul 1, 2018 35,000
Raw material inventory, Jun 30, 2019 25,000
Salaries expense (50% admin, 50% Marketing) 15,000
Advertisement expense 10,000
Rent Expense (30% admin, 70% Marketing) 20,000
Depreciation of office vehicles 7,500
Finished goods inventory, Jul 1, 2018 20,000
Finished goods inventory, Jun 30, 2019 30,000
Purchase discount 2,000
Question 1: Prepare Cost of goods sold statement.
Question 2: Prepare income statement.