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September 30, 2014

Homework Help: accounting

Posted by Deb on Thursday, November 10, 2011 at 10:07am.

Your company manufactures specialty items. In order to reduce any loss from a customer canceling an order after production has been started, your company requests a 50% deposit before it will start the manufacturing process. On January 3, you get an order for a product that costs $2,000 to make. On January 15 you get a $1500 deposit and start production of the product. You have spent $1,750 on the manufacture of the product as of January 31 and another $250 in February before you deliver the finished product on February 12. You receive $500 on February 15 and the final $1,000 on March 12. What are the revenues and expenses associated with this product for January, February, and March?

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