Information from the Records of the Shawnee Production Company for the Month

question 74

Essay

Information from the records of the Shawnee Production Company for the month of January is as follows:
$\begin{array}{lr}\text {Purchases of direct materials}&\$18,000\\\text {Indirect labor}&5,000\\\text { Direct labor } & 10,400 \\\text { Depreciation on factory machinery } & 3,000 \\\text { Sales } & 55,300 \\\text { Selling and administrative expenses } & 6,300 \\\text { Rent on factory building } & 7,000\end{array}$
$\begin{array}{lrr}\text { Inventories:}&\text { January 1}&\text { January 31}\\\text { Direct materials } & \$ 8,000 & \$ 8,700 \\\text { Work-in-process } & 2,100 & 3,200 \\\text { Finished goods } & 5,000 & 5,700\end{array}$

Required:
(a) Prepare a statement of cost of goods manufactured and sold for the month of January.
(b) Prepare a gross margin income statement for the month of January.

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Definitions:

Relational Database

A database type that organizes data into related tables based on logical groupings.

Common Field

In databases or software, a common field is a data field shared by two or more database tables, facilitating relationships and data linkage.

Hyperlink

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Object-Oriented

A programming paradigm based on the concept of "objects", which can contain data, in the form of fields, and code, in the form of procedures.