Tuesday
March 31, 2015

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.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - RC Corp. uses a job order cost accounting system. During the month ...
Financial Accounting - Here is the problem: if you could just help me get ...
accounting - A tabular analysis of the transactions made during August 2010 by ...
accounting 1 - Holden Graham started The Graham Co.,a new business that began ...
principle of accounting - raper Consulting began operations and completed the ...
Account - Here is my question, please help!!! 5. Assume that Z company's chief ...
accounting - Moreno Industries has adopted the following production budget for ...
Accounting - The comparative statements of Lucille Company are presented here. ...
Accounting Principles - answer question Jane Kent is a licensed CPA. During the ...
acc 205 - Caren Smith opened a medical practice. During July, the first month ...

Members