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Prepare cost of goods sold statement and income statement

Assignment Help Cost Accounting
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.

Reference no: EM132562513

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