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  • Ahsan and Jawad PFM Assignment No1

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    janay martin
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    The document contains information about Waterways Corporation for the month of November 30, 2012 including: 1) A cost of goods manufactured schedule showing the costs to produce $325,800 of goods including raw materials, labor, and manufacturing overhead. 2) An income statement showing net sales of $1,309,500 and net profit of $54,000 after deducting costs of goods sold of $365,800 and operating expenses. 3) A current asset balance sheet listing total current assets of $739,750 including cash, receivables, inventory, and prepaid expenses.

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    Ahsan and Jawad PFM Assignment no1

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    The document contains information about Waterways Corporation for the month of November 30, 2012 including: 1) A cost of goods manufactured schedule showing the costs to produce $325,800 of goods including raw materials, labor, and manufacturing overhead. 2) An income statement showing net sales of $1,309,500 and net profit of $54,000 after deducting costs of goods sold of $365,800 and operating expenses. 3) A current asset balance sheet listing total current assets of $739,750 including cash, receivables, inventory, and prepaid expenses.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    20 views6 pages

    Ahsan and Jawad PFM Assignment No1

    Uploaded by

    janay martin
    The document contains information about Waterways Corporation for the month of November 30, 2012 including: 1) A cost of goods manufactured schedule showing the costs to produce $325,800 of goods including raw materials, labor, and manufacturing overhead. 2) An income statement showing net sales of $1,309,500 and net profit of $54,000 after deducting costs of goods sold of $365,800 and operating expenses. 3) A current asset balance sheet listing total current assets of $739,750 including cash, receivables, inventory, and prepaid expenses.

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    © All Rights Reserved
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    of 6

    Assignment

    • PFM: Respected Muhammad Hussain


    • Name:Hamza Javaid
    • Roll no:L1F19BSAF0073
    • Section:B
    • Cost of Goods Manufactured Schedule

    Waterways Corporation
    Cost of Good Manufacturing Schedule
    For the Month Ended November 30, 2012

    Work in Process, October 31 $ 52,700

    Direct materials

    Raw materials inventory, October 31 $ 38,000

    Raw materials purchases 184,500

    Total raw materials available for use 222,500

    Less: Raw materials inventory, November 30 52,700

    Direct materials use $ 169,800

    Direct Labor 2,000

    Manufacturing Overhead

    Indirect labor 48,000

    Factories supply used 16,800

    Factory utilities 10,200

    Depreciation - Factory equipment 16,800

    Rent - Factory equipment 47,000

    Repairs - Factory equipment 4,500

    Total manufacturing overhead 143,300

    Total manufacturing cost 315,100


    Total cost of work in progress 367,800

    Less: Work in process, November 30 (42,000)

    Cost of goods manufactured $ 325,800

    • Income Statement

    Waterways Corporation
    INCOME STATEMENT
    FOR THE MONTH ENDED November , 30
     
    1,350
    Sales ,000
    Sales
    Com
    missi (40,5
    ons 00)      
    1,309
      ,500
     
    Total
    Cost
    of
    Good
    s
    Manu
    factur 365,8
    ed 00
     
    Finis
    hed
    good
    s
    inven
    tory,
    Octo
    ber 72,55
    31 0
    Finis (68,8    
    hed
    good
    s
    inven
    tory,
    Nove
    mber
    30 00)
    Total
    of
    finish
    good
    s 3,750    
    Cost
    of
    Good
    s 365,8
    Sold 00    
    Gros
    s
    Profit
     
    Adve
    rtisin
    g&
    Prom 54,00
    otion 0
    Depr
    eciati
    on -
    Offic
    e
    equip
    ment 2,400
    Offic
    e
    Suppl
    ies
    Expe
    nse 1,600
    Other
    admi
    n
    expe
    nse 7,200
    Salaries 325,000    
    Oper
    ating
    cost
     
    Net
    Profi
    t                      
    • Current Asset Balance Sheet
    Waterways Corporation
    Balance Sheet
    November 30, 2012

    Current assets

    Cash $ 260,000

    Receivables (net) 275,000

    Inventories

    Finished goods 68,800

    Work in process 42,000

    Raw materials 52,700 163,500

    Prepaid expenses 41,250

    Total current assets $ 739,750

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