Accounting Assignment | Custom Assignment Help
September 16th, 2019
Identify Cost of Goods Manufactured for the period and create an income statement for August 2014.
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Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Valley Manufacturing Company for August 2014 follows:
- Sales …………………………………………………………………………………$210,000
- Selling and administrative expenses …………………………………. 85,000
- Purchases of raw materials…………………………………………………30,000
- Direct labor ………………………………………………………………………..20,000
- Manufacturing overhead…………………………………………………….37,000
Inventories
August 1 August 31
- Raw materials ………………………………………. $ 8,000 $ 5,000
- Work-in-process …………………………………….. 14,000 11,000
- Finished goods ……………………………………… 15,000 19,000
