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April 23, 2014

Homework Help: business-ACCOUNTING

Posted by Ashley on Tuesday, March 20, 2012 at 4:18pm.

Income from operations, $151,800 The following events took place for Fed Inc. during October 2012, the first month of operations as a producer of road bikes:
Purchased $427,000 of materials.
Used $367,500 of direct materials in production.
Incurred $315,000 of direct labor wages.
Applied factory overhead at a rate of 80% of direct labor cost.
Transferred $892,500 of work in process to finished goods.
Sold goods with a cost of $848,750.
Sold goods for $1,500,000.
Incurred $367,500 of selling expenses.
Incurred $131,950 of administrative expenses.
1. Prepare the October income statement for Fed. Assume that Fed uses the perpetual inventory method.

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