Solution-Prepare statement of cost of goods for presley

Prepare statement of cost of goods for presley manufacturing

Assignment Help Financial Accounting

Reference no: EM13535070

Classify the costs listed in Alternate problem A as either product costs or period costs.

Presley Manufacturing Company is a producer of music compact discs (CDs) and tapes. The following account balances are for the year ended 2009 December 31

Administrative expenses	$60,000
Depreciation expense - Manufacturing equipment	50,000
Direct labor	468,000
Manufacturing supplies expense	40,000
Indirect labor	36,000
Beginning inventories, 2009 January 1:
Direct materials	14,000
Work in process	20,000
Finished goods	128,000
Ending inventories, 2009 December 31
Direct materials	44,000
Work in process	56,000
Finished goods	92,000
Direct materials purchases	216,000
Rent expense - Factory	28,000
Sales	1,400,000
Selling expense	72,000
Other manufacturing overhead	126,000

a. Prepare a statement of cost of goods manufactured for Presley Manufacturing Company for 2009.

b. Prepare an income statement for the year ended 2009 December 31.

Reference no: EM13535070

Questions Cloud

Prepare an income statement for good vibrations : Prepare a statement of cost of goods manufactured for Good Vibrations, Inc., for the year ended 2009 December 31 and prepare an income statement for Good Vibrations, Inc., for the year ended 2009 December 31.

Pathogens synthesize proteins at ribosomal sites : Given that both human cells and pathogens synthesize proteins at ribosomal sites, how can antimicrobial agents that target this process be safe to use in humans?

Find out the number of grams h2 formed : Determine the number of grams H2 formed when 250.0 mL of 0.743 M HCl solution reacts with 3.41 x 1023 atoms of Fe according to the following reaction. 2 HCl(aq) + Fe(s) ? H2(g) + FeCl2(aq)

Compute what fraction is this force of the satellites weight : A 2130 satellite used in a cellular telephone network is in a circular orbit at a height of 800above the surface of the earth. What fraction is this force of the satellite's weight at the surface of the earth

Prepare statement of cost of goods for presley manufacturing : Prepare a statement of cost of goods manufactured for Presley Manufacturing Company for 2009 and prepare an income statement for the year ended 2009 December 31.

Explain the formation of nacl2 to be exothermic : Construct a Born Haber cycle for the formation of the hypothetical compound NaCl2, where the sodium ion has a 2+ charge. A. How large would the lattice energy need to be for the formation of NaCL2 to be exothermic

Calculate the time of one revolution of the satellite : An earth satellite moves in a circular orbit with an orbital speed of 6300. Find the time of one revolution of the satellite

Product of the krebs cycle : which of the following is a product of the Kreb's Cycle?

Find the energy delivered to motor by electricaltransmission : A 120-V motor has mechanical power output of 2.60 hp. It is 85.0% efficient in converting power that it takes in by electrical transmission into mechanical power. Find the energy delivered to the motor by electrical transmission in 3.20 h of operat..

User Account

All Pages

Prepare statement of cost of goods for presley manufacturing

Reference no: EM13535070

Reference no: EM13535070

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT