Solution-Prepare income statement for lebowski and

Prepare income statement for lebowski and associates

Assignment Help Cost Accounting

Reference no: EM132549183

Lebowski and Associates is an architectural firm that employs 100 professionals and 15 staff. The firm does design work for small and medium-size companies. The following data are provided for the year ended June 30, 2008:

Designs processed 9,400

Designs in process, June 30, 2007 $900,000

Designs in process, June 30, 2008 1,400,000

Beginning direct materials inventory 200,000

Purchases, direct materials 400,000

Ending direct material inventory 450,000

Direct labor 12,000,000

Overhead 1,100,000

Administrative 500,000

Selling 600,000

Required:

Question 1. Prepare statement of cost of services sold.

Question 2. Assume that the average fee for a design is $1,950. Prepare income statement for Lebowski and Associates.

Reference no: EM132549183

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Prepare income statement for lebowski and associates

Reference no: EM132549183

Reference no: EM132549183

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