Tyler Corporation Reports The Following Results For Its First Month Of Operations Ended December 31 Overhead Is Applied 1 (241.16 KiB) Viewed 5 times
Tyler Corporation reports the following results for its first month of operations ended December 31. Overhead is applied using a predetermined overhead rate of 80% of direct materials cost. Raw materials purchased Direct materials used Direct labor used Cost of goods manufactured $ 20,400 Sales 13,000 Cost of goods sold 20,400 Selling expenses 34,000 General and administrative expenses 1. Prepare an income statement for the month ended December 31. 2. Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its first month of operations, each account begins with a $0 balance; also, there were no indirect materials used this month. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the month ended December 31. Operating expenses $ 40,000 29,400 3,100 4,200 TYLER CORPORATION Income Statement For Month Ended December 31
Required 1 Required 2 Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its first month of of balance; also, there were no indirect materials used this month. Beginning Ending Beginning Direct materials Direct labor Overhead applied Ending Raw Materials Inventory 0 0 Finished Goods Inventory 0 0 0 Indirect materials Ending Ending Beginning Ending < Required 1 Work in Process Inventory 0 Required 2 > 0 > Ending
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