Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lindsey's pets succeeded so well that lindsey deci

Lindsey's Pets succeeded so well that Lindsey decided to manufacture her own brand of pet...

90.2K

Verified Solution

Question

Accounting

image
Lindsey's Pets succeeded so well that Lindsey decided to manufacture her own brand of pet toys - Best Friends Manufacturing. At the end of December 2020, her accounting records show the following: Work in process inventory, December 31 , 2020 . $4000 Finished goods inventory, December 31 , 2019 . 0 Finished goods inventory, December 31 , 2020 . 3,000 Sales revenue. 103,000 Customer service hotline expense. 1,400 Utilities for plant. 4,500 Delivery expense. 2,500 Sales salaries expense. 4,200 Plant janitorial services. 1,150 Direct labour. 20,000 Direct material purchases 39,000 Rent on manufacturing plant. 8,400 Raw materials inventory, December 31 , 2019. 10,000 Raw materials inventory, December 31 , 2020 . 8,000 Work in process inventory, December 31 , 2019. 0 Requirements 1. Prepare a schedule of cost of goods manufactured for Best Friends Manufacturing for the year ended December 31, 2020. 2. Prepare an income statement for Best Friends Manufacturing for the year ended December 31,2020

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students