Hello having trouble figuring out a account problem would appreciate any help here it is:

The following information is taken from the records of Smith Company for April

Purchases:
Direct Material: 9000000
Indirect Materials: 200000
Office supplies: 420000
Sales 36000000
Salaries and benefits:
Selling and admin exp: 4000000
Direct MFG labor: 6000000
Rent* :4000000
Utilities: 1200000
Advertising: 700000

Inventories: April 1 April 31
Direct Materials 4400000 1600000
Office Supplies 150000 180000
Finished goods 24000000 16000000

* Of these aka RENT ABOVE 60 percent are assigned to MGF and 40 pecent to selling and admin

Required:
a) Prepare a schedule of cost of goods MFG
b) Prepare an income statement

Quote:

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Originally Posted by Paradox99

Hello having trouble figuring out a account problem would appreciate any help here it is:

The following information is taken from the records of Smith Company for April

Purchases:
Direct Material: 9000000
Indirect Materials: 200000
Office supplies: 420000
Sales 36000000
Salaries and benefits:
Selling and admin exp: 4000000
Direct MFG labor: 6000000
Rent* :4000000
Utilities: 1200000
Advertising: 700000

Inventories: April 1 April 31
Direct Materials 4400000 1600000
Office Supplies 150000 180000
Finished goods 24000000 16000000

* Of these aka RENT ABOVE 60 percent are assigned to MGF and 40 pecent to selling and admin

Required:
a) Prepare a schedule of cost of goods MFG
b) Prepare an income statement

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I can't figure out how to do the Schedule of cost of goods mfg without Work in process anybody have any ideas

What I have so far...


Regency Company
Schedule of Costs of Goods Manufactured
For Month of April

Direct Materials
Beginning Inventory of direct materials March 1 4400000
Purchases of Direct Materials in March 9000000
Cost of Direct Materials available for use 13400000
Ending Inventory of direct materials March 31 (1600000)
Materials Used in March 11800000
Direct Manufacturing Labor 6000000
Indirect Manufacturing Costs:
Rent (60%) 2400000
Utilities 1200000
Advertising 700000
Office Supplies 390000
Indirect Materials 100000
Total Indirect Manufacturing Costs 4790000
Manufacturing Costs incurred during April 22590000