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Presentation/PPT
27/08/2022
Hi, can you check the solution see if its correct, then put it in an excel sheet format like you have done with all the others you did for me ..thank you 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.solution:Ex. 19–14a.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$302,900$
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The writer is very fast, professional and responded to the review request fast also. Thank you.
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