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    CA2 Valenko Company

    Uploaded by

    Arshia Emami
    The document provides accounting information for Valenko Company for the year ended December 31. It includes expenses, inventory balances at the beginning and end of the year, manufacturing costs, goods available for sale, and cost of goods sold. The required task is to prepare a schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    CA2 Valenko Company

    Uploaded by

    Arshia Emami
    55 views1 page
    The document provides accounting information for Valenko Company for the year ended December 31. It includes expenses, inventory balances at the beginning and end of the year, manufacturing costs, goods available for sale, and cost of goods sold. The required task is to prepare a schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year.

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    © © All Rights Reserved

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    The document provides accounting information for Valenko Company for the year ended December 31. It includes expenses, inventory balances at the beginning and end of the year, manufacturing costs, goods available for sale, and cost of goods sold. The required task is to prepare a schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    55 views1 page

    CA2 Valenko Company

    Uploaded by

    Arshia Emami
    The document provides accounting information for Valenko Company for the year ended December 31. It includes expenses, inventory balances at the beginning and end of the year, manufacturing costs, goods available for sale, and cost of goods sold. The required task is to prepare a schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    COST ACCOUNTING

    Valenko Company
     
    The   following   selected   account   balances   for   the   year   ended   December   31   are  
    provided  for  Valenko  Company:  
     
      Advertising  expenses ..........................   $      215.000  
      Insurance,  factory  equipment.............   8.000  
      Depreciation,  sales  equipment ...........   40.000  
      Rent,  factory  buildings ........................   90.000  
      Utilities,  factory....................................   52.000  
      Sales  commissions ...............................   35.000  
      Cleaning  supplies,  factory ...................   6.000  
      Depreciation,  factory  equipment........   110.000  
      Selling  and  administrative  salaries ......   85.000  
      Maintenance,  factory ..........................   74.000  
      Direct  labor...........................................   ?  
      Purchases  of  raw  materials .................   260.000  
     
    Inventory  balances  at  the  beginning  and  end  of  the  year  were  as  follows:  
     
          Beginning   End  of  
             Of  year   Year  
      Row  materials ...............................   $50.000     $40.000  
      Work  in  process ............................   ?   $33.000  
      Finished  goods ..............................   $30.000   ?  
     
    The  totals  manufacturing  costs  for  the  year  were  $675.000;  the  goods  available  for  
    sale  totaled  $720.000;  and  the  cost  of  goods  sold  totaled  $635.000.  
     

    Required:
    Prepare   a   schedule   of   cost   of   goods   manufactured   and   the   cost   of   goods   sold  
    section  of  the  company’s  income  for  the  year.  
     
     

    G [P27 – 2.86] LO1, LO2, LO3, LO4, LO5 1

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