Need answer for 4), 5), 6) Transcribed Image Text: The following account balances are from Woods Corporation accounting records for the year ended December 31,

Academic Writing accounting, business-managerial-accounting Need answer for 4), 5), 6) Transcribed Image Text: The following account balances are from Woods Corporation accounting records for the year ended December 31,

accounting, business-managerial-accounting

Need answer for 4), 5), 6) Transcribed Image Text: The following account balances are from Woods Corporation accounting records for the year ended December 31,

Need answer for 4), 5), 6) Transcribed Image Text: The following account balances are from Woods Corporation accounting records for the year
ended December 31, 2008.
Required:
1. Determine the amount of Direct materials used in production
2. Determine the amount of factory overhead costs
3. Determine the prime cost & conversion costs
4. A schedule for factory/manufacturing overhead costs
5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost and
total manufacturing cost to account for
6. An Income Statement for Woods Corporation for the year ended December 31,2008
7. During the year Woods corporation produced 20,000 pieces of furniture. What was the unit
product cost?
8. How does the format of the income statement for a manufacturing concern differ from the
income statement of a merchandising business?
Advertising expense
$ 85,000
Amortization expense – Patents
16,000
Special Design Cost
Bad Debts expense
10,000
28,000
Depreciation expense – Office equipment
37,000
Depreciation expense – Factory Building
133,000
Depreciation expense – Factory equipment
78,000
Direct Labour
250,000
Factory insurance expired
62,000
Factory supervision
74,000
Factory supplies used
21,000
Utilities*
115,000
Finished goods inventory, Jan 1 2008
15,000
Finished goods inventory, Dec 31 2008
12,500
Work in process inventory, Jan 1 2008
8,000
Work in process inventory, Dec 31 2008
9,000
Indirect labour
26,000
Interest expense
25,000
Miscellaneous expense
55,000
Property taxes on factory equipment
14,000
Raw materials inventory, Jan 1 2008
60,000
Raw materials inventory, Dec 31 2008
78,000
Raw materials purchases
313,000
Repairs expense – factory equipment
31,000
Salaries expense
150,000
Sales
1,630,000
* Of the total utilities expense 60% relates to manufacturing and 4o% relates to
Administrative costs.

Ready to try a high quality writing service? Get a discount here