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MANAGERIAL ACCOUNTING-TAKE HOME QUIZ
THE FINANCIAL STATEMENTS ARE TO BE TYPED. THE QUIZ IS DUE AT THE START OF CLASS. BRING TWO TYPED COPIES TO CLASS
(SHOW ALL WORK!!!!!) Properly label all totals, subtotals, and financial statements
Use the following information to prepare the required financial statements as instructed below:
Administrative salaries expense $
119,000
Advertising expense
12,000
Direct labor
110,000
Depreciation expense, factory
18,000
Finished goods inventory,1/1
27,000
Accounting and auditing expense
50,000
Direct material inventory,1/1
42,000
Plant maintenance expense
35,000
Work in process inventory,1/1
9,000
Sales discount
15,000
Factory cleaning expense
30,000
Direct material purchases
177,000
Manufacturing design expense
3,000
Legal expense
9,000
Gross sales
998,000
Indirect material
22,000
Depreciation expense
16,000
Plant property tax expense
8,000
Direct material inventory,12/31
39,000
Indirect labor
48,000
Manufacturing waste expense
15,000
Work in process inventory, 12/31 7,000
Storage and warehouse expense
12,000
Finished goods inventory, 12/31
29,000
Freight out
11,000
Security expense, plant
27,000
Sales returns and allowances
4,000
Other manufacturing overhead
13,000
Utilities expense
5,000
Plant warehouse expense
8,000
Insurance expense, selling
7,000
Research expense, Plant
15,000
Consulting expense
21,000
Factory quality control expense
13,000
Store rental expense
55,000
Instructions: Prepare the cost of goods manufacturing schedule and a separate income statement for Joy and Peace Manufacturing Company for the year ended December 31, 2013
