On Dec. 31, 2020, Geth Co. had total sales of $857,490 and costs for the...
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Accounting
On Dec. 31, 2020, Geth Co. had total sales of $857,490 and costs for the year of:
Beginning raw material balance $ 9,000
Ending raw material balance $ 21,000
Beginning WIP $389,500
Ending WIP $867,530
Beginning finished goods $ 25,790
Ending finished goods $ 37,620
Indirect materials $ 16,000
Raw material purchased $136,000
Manufacturing overhead used $795,900
Direct labor used $118,750
General & administration expenses $113,540
Selling expenses $ 64,560
1. Calculate the cost of direct materials used in production.
2. Calculate the cost of goods manufactured.
3. Calculate the cost of cost of goods sold.
4. Prepare an income statement for the year ending December 31, 2020 **Show work/ process** +
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