Bronze Corporation Had the Following Transactions Use the Following Cash Receipts Journal to Record the Preceding

question 5

Essay

Bronze Corporation had the following transactions:
$$\begin{array} { | l | l | } \hline \text { Jun. } 6 & \text { Sold merchandise inventory for cash, } \$ 2,200 \text {. Cost of goods, } \$ 1,400 . \\\hline 9 & \text { Collected interest revenue of } \$ 2,350 . \\\hline 15 & \text { Received cash from Jim Rhodes, } \$ 1,100 \text {, on account. There was no discount. } \\\hline 27& \begin{array} { l } \text { Received } \$ 5,400 \text { from Steve McNeil representing } \$ 5,292 \text { he owed plus } \$ 108 \text { sales discount } \\\text { forfeited. }\end{array} \\\hline\end{array}$$ Use the following cash receipts journal to record the preceding transactions. The company uses the perpetual inventory system.

Differentiate between manufacturing and non-manufacturing costs.

Calculate raw materials used in production and total manufacturing costs from given data.

Understand the classification of labor costs into direct labor and indirect labor (manufacturing overhead).

Understand the impact of inventory accounting on financial statements.