Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials 1/1/20 P30,000 Raw materials 12/31/20 P20,000 Raw materials Purchases P205,000 Work-in process 1/1/20 P80,000 Work-in process 12/31/20 P50,000 Finish goods 1/1/20 P110,000 Finish goods 12/30/20 P120,000 Direct Labor P350,000 Factory manager’s salary P35,000 Insurance, factory P14,000 Property taxes, factory building P6,000. Sales revenue P1,500,000 Delivery expenses P100,000 Sales commissions P150,000 Indirect labor P105,000 Factory machine rent P40,000. Factory utilities P65,000 Depreciation, factory building P24,000. Administrative expenses P300,000 Requirement Make a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials. Make an income statement for Superman Company for 2020 Assume that Superman Company’s accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P 13,000, and short-term investments P26,000. Make a current assets action of the balance sheet for Superman Company as of December 31, 2020
Superman Company
Superman Company has the following costs and expenses for the year ending December 21, 2X20.
Raw materials 1/1/20 P30,000
Raw materials 12/31/20 P20,000
Raw materials Purchases P205,000
Work-in process 1/1/20 P80,000
Work-in process 12/31/20 P50,000
Finish goods 1/1/20 P110,000
Finish goods 12/30/20 P120,000
Direct Labor P350,000
Factory manager’s salary P35,000
Insurance, factory P14,000
Property taxes, factory building P6,000.
Sales revenue P1,500,000
Delivery expenses P100,000
Sales commissions P150,000
Indirect labor P105,000
Factory machine rent P40,000.
Factory utilities P65,000
Depreciation, factory building P24,000.
Administrative expenses P300,000
Requirement
- Make a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials.
- Make an income statement for Superman Company for 2020
- Assume that Superman Company’s accounting records show the balances of the following current asset accounts: Cash P17,000,
Accounts Receivable (net) P120,000, Prepaid Expenses P 13,000, and short-term investments P26,000. Make a current assets action of thebalance sheet for Superman Company as of December 31, 2020
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