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The Following Costs and Inventory Data Were Taken from the Accounts

question 144

Essay

The following costs and inventory data were taken from the accounts of Simon Company for 2010: The following costs and inventory data were taken from the accounts of Simon Company for 2010:    Instructions  a. Prepare a schedule showing the amount of direct materials used in production during the year. b. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2010 in good form. d. Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31, 2010 in good form.
Instructions
a. Prepare a schedule showing the amount of direct materials used in production during the year.
b. Compute the amount of manufacturing overhead incurred during the year.
c. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2010 in good form.
d. Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31, 2010 in good form.

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Definitions:

Designated Whole Number

A specific, named integer that has been allocated for a particular purpose or identified in a particular context.

Metric System

A decimal system of measurement based on the meter, liter, and gram as units of length, volume, and weight or mass, respectively.

Basic Units

The simplest measure of quantity in physics and other sciences, forming the foundation for more complex measurements.

Prefixes

Sets of letters placed before a word to modify its meaning, such as "un-", "pre-", and "post-".

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