Prepare the cost of goods sold section

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Reference no: EM133020671

The following costs and inventory data were taken from the accounts of Simon Company for 2022:January 1, 2022

Inventories:

Raw materials :$ 8,000

Work in process: 15,000

Finished goods: 16,000

Costs incurred:

Raw materials purchases: 0

Direct labor: 0

Factory rent: 0

Factory utilities: 0

Indirect materials: 0

Indirect labor: 0

Operating expenses: 0

December 31, 2022

Inventories:

Raw materials :$ 7,000

Work in process: 13,000

Finished goods: 12,000

Costs incurred:

Raw materials purchases: 98,000

Direct labor: 42,000

Factory rent: 8,000

Factory utilities:10,000

Indirect materials: 6,000

Indirect labor: 9,000

Operating expenses: 17,000

COMPUTE a schedule showing the amount of direct materials used in production during the year.

COMPUTE a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2022 in good form.

Compute the amount of manufacturing overhead incurred during the year.

Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31, 2022 in good form.

Reference no: EM133020671

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