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.