Pharoah Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $89. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,240 pounds; ending, 15,220 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. Prepare a schedule showing the computation of cost of goods sold for 2020. PHAROAH COMPANY Computation of Cost of Goods Sold Cost of one unit of finished goods: Direct materials $ Direct labor Manufacturing overhead Total $ Cost of Goods Sold $ Prepare a budgeted multiple-step income statement for 2020. PHAROAH COMPANY Budgeted Income Statement $ $
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Ответ:
Computation of cost of goods sold for 2020
Direct materials(1 pound× $5 ) $5
Direct labor(3 hours × $12) $36
manufacturing overhead ($8 × 3 hours) $24
Total unit cost $65
Budgeted multiple-step income statement for 2020
Sales ( 31,410 units × $89) 2,795,490
Less Cost of Sales (31,410 units × $65) (2,041,650)
Gross Profit 753,840
Less Operating Expenses :
Selling and administrative expenses: (170,000)
Operating Income 583,840
Less Non - Operating Expenses
Interest expense (30,000)
Income before income taxes 553,840
Income tax (553,840×30%) (166,152)
Income After income taxes 387,688
Explanation:
Cost of Sales = all manufacturing costs
Multi step - Income Statement separates income generated from Primary Activities of the Company (Operating Income) with Income generated from Secondary Activities of the Company (Non-Operating Income)
Ответ:
Is writing the entry date in the date column. Hope it helps!