Information about Morton Company for the month ending December 31, 2018, is as follows: ...
70.2K
Verified Solution
Link Copied!
Question
Accounting
| Information about Morton Company for the month ending December 31, 2018, is as follows: |
|
| Sales | $650,000 |
| Cost of goods sold | 452,000 |
| Net operating income | 35,000 |
| Beginning inventories: |
|
| Direct materials | 50,000 |
| Work in process | 42,000 |
| Finished goods | 70,000 |
Ending direct materials is 20 percent smaller than beginning direct materials. Ending work in process is 10 percent more than the beginning work in process. Ending finished goods increased by $11,000 during the year. Prime costs and conversion costs are 70 percent and 60 percent of total manufacturing costs added, respectively.
Assume no income taxes or indirect materials. Required:
- Prepare a statement of cost of goods manufactured for December.
- Prepare an absorption income statement for December.
- Calculate conversion costs.
- Calculate prime costs.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.