FAQ [12 marks] Petite Company operates in the toys manufacturing industry. The company produces wooden toys for 3 to 6 y

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

FAQ [12 marks] Petite Company operates in the toys manufacturing industry. The company produces wooden toys for 3 to 6 y

Post by answerhappygod »

Faq 12 Marks Petite Company Operates In The Toys Manufacturing Industry The Company Produces Wooden Toys For 3 To 6 Y 1
Faq 12 Marks Petite Company Operates In The Toys Manufacturing Industry The Company Produces Wooden Toys For 3 To 6 Y 1 (70.32 KiB) Viewed 68 times
FAQ [12 marks] Petite Company operates in the toys manufacturing industry. The company produces wooden toys for 3 to 6 years old kids. During September 2020, the company incurred the following monthly costs: Marketing expense $144,500 Labour costs of assembly-line $346,500 workers Materials used in toys 371,250 Freight expense 52,700 Manufacturing plant, rental 115,500 expense Small tools used in factory 70,950 47,850 Property taxes on manufacturing plant Property taxes on company warehouse Sales commissions Head-office, insurance expense 29,750 Head-office, rental expense Dividends 72,000 20,000 168,000 2,250 At September 1, 2020, the raw material inventory was $60,000, the work-in-process was $94,050 and the finished goods inventory was $262,500. At September 30, 2020, the raw material inventory was $96,525, the work-in-process was $75,075 and the finished goods inventory was $289,575. Instructions (a) Compute costs of goods manufactured for September 2020. (5.5 marks) (b) Prepare an income statement through gross profit for the month of September 2020, assume sales of $1,995,000. (4 marks) (C) Indicate Petite Company balance sheet presentation of the inventories at September 30, 2020. (2.5 marks)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply