Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant acco

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Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. TOMBERT COMPANY Income Statement For the Month Ended October 31, 2020 Sales (net) $781,300 Less: Operating expenses Raw materials purchases $264,150 Direct labour cost 190,700 Advertising expense 89,900 Selling and administrative salaries 74,700 Rent on factory facilities 60,450 Depreciation on sales equipment 44,700 Depreciation on factory equipment 31,600 28,500 Indirect labour cost 12,800 Utilities expense
-14 E Depreciation on sales equipment 44,700 Depreciation on factory equipment 31,600 Indirect labour cost 28,500 Utilities expense 12,800 Insurance expense 8,550 806,050 Net Loss $(24,750) Prior to October 2020, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As his friend, he has asked you to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired the following additional information. 1. Inventory balances at the beginning and end of October were as follows: October 1 October 31 Raw materials $15,550 $29,850 Work in process 16,300 15,000 Finished goods 30,900 45,800 Only 750 ****
-/4 E Work in process 16,300 15,000 Finished goods 30,900 45,800 2. Only 75% of the utilities expense and 50% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Prepare a schedule of the cost of goods manufactured for October 2020. TOMBERT COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 Work in Process Inventory, October 1 Direct Materials Raw Materials Inventory, October 1 15.550 Raw Materials Purchases 264,150 Total Raw Materials Available for Use Y 279,700 Less: Raw Materials Invent ***
Less : Total Cost of Work in Process Direct Labour Manufacturing Overhead Rent on Factory Facilities Depreciation on Factory Equipment Indirect Labour Factory Utilities Factory Insurance al Manufacturing Overhead al Manufacturing Costs O Hi Raw Materials Inventory, October 31 V > 29,850 60,450 44,700 28,500 9,600 5,130 -/4 : 249,850 190,700 148,380
Total Manufacturing Costs eTextbook and Media Prepare a correct income statement for October 2020. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) TOMBERT COMPANY Income Statement
Question 4 of 4 < 40 -/4 = 1
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