critical thinking

Faten Alnassar 201302248 Sec:206

The following data from the just completed year are taken from the accounting records of Nouf Company (in dollars):

Units sold 1,200 units;

Selling Price $650 per unit;

Variable selling expense $12 per unit;

Total fixed selling expense $60,000;

Variable administrative expense $18 per unit;

Total fixed administrative expense $124,000;

Direct labor cost $110,000;

Manufacturing overhead applied to work in process $330,000;

Total actual manufacturing overhead $330,000;

Indirect materials $14,000.

Inventories:

Raw material purchases (during year) $200,000;

Raw materials (beginning of year) $23,000;

Raw materials (end of year) $9,000;

Work in process (beginning of year) $28,000;

Work in process (end of year) $18,000;

Finished goods (beginning of year) $19,000;

Finished goods (end of year) $9,000.

Instructions

1. Prepare a schedule of cost of goods manufactured.

2. Prepare a schedule of cost of goods sold;

3. Prepare a traditional format income statement;

4. Prepare a contribution format income statement.