Instant download to solution. Once the payment is made, the solution file link will be auto-mailed to your specified E-mail id. Check your inbox as well as spam folder. You can download the solution file by clicking that link.
The following information is available for B Company for the month ended July 31, 20x4:
Direct material inventory $27,000 $24,500
Work-in-process inventory $25,000 $29,000
Finished-goods inventory $22,000 $15,000
Direct materials purchased $21,000 Direct labor(2,500@ $12) $30,000 Indirect labor $3,000 Indirect Materials $2,500 Office supplies expense $100 Equipment deprecation-factory $2,000 Equipment deprecation-office $750 Administrative expenses $20,000 office utilities $75 Factory utilities $200 Marketing expense $2,500 Sales $150,000 Sales commissions $1,500.
Prepare an income statement that shows the cost of goods sold for July.