Answer to Question #226888 in Accounting for mafi

Question

the following data are taken from alem corporation for the current year

material inventory beginning of year 22000 end of year 26000

WIP inventory beginning of year 36000 end of year 30000

F/G inventory beginning of year 18000 end of year 23000

putchase of R/M end of year 75000

direct labor 82000

indirect labor 15000

factory ins (OMOH) 9000

Dep on factory (OMOH) 11000

repair maintenance factory 4000

marketing expense 63000

general and admin expense 29000

income tax expense 30000

1.compute cost of goods mfg

2.prepare income statement assuming that 27000 units are sold at a price of $14 during current year

Answer 1

Solution:

These have been calculated as per the below excel tables: