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can you check and see if the computation is correct for this problem and if it is can you re state it for me in an excel sheet like you have done the...
can you check and see if the computation is correct for this problem and if it is can you re state it for me in an excel sheet like you have done the other problem answers you have done....Thank you problem:The following events took place for Wreckin Ronnie Inc. during July 2008,the first month of operations as a producer of road bikes:Purchased $165,800 of Materials.Used $147,600 of direct materials in production.Incurred $96,250 of direct labor wages.Applied factory overhead at a rate of 80% of direct labor cost.Transferred $302,900 of work in process to finished goods.Sold goods with a cost of $301,300.Sold goods for $520,000.Incurred $119,000 of selling expenses.incurred $52,100 of administrative expenses.a.) Prepare the July income statement for Wrekin Ronnie. Assume that Wrekin Ronnieuses the perpetual inventory method.b.)Determine the inventory balances at the end of the first month of operations.solutiona.WRECKIN RONNIE, INC.Income StatementFor the Month Ended July 31, 2008RevenuesCost of goods soldGross profit$218,700Selling expensesAdministrative expensesIncome from operationsb.Materials inventory:Purchased materials$165,800$520,000301,300$119,00052,100$171,10047,600Less: Materials used in productionMaterials inventory, July 31Work in process inventory:Materials used in production$147,600Direct laborFactory overhead (80% × $96,250)Additions to work in process$320,850Less: Transferred to finished goodsWork in process inventory, July 31Finished goods inventory:Transferred to finished goodsLess: Cost of goods sold301,300Finished goods inventory, July 311,600$147,60018,20096,25077,000$302,90017,950$302,900$
