Solution-Prepare a july income statement

Prepare a july income statement

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Reference no: EM133122537

Question - Farmer Company processes 40,000 pounds of direct materials to produce two products, Apples and Apple Sauce. Apple Sauce, a byproduct, sells for $9 per pound, and Apples, the main product, sells for $50 per pound. The following information is for July:

	Production	Sales	Beginning Inventory	Ending Inventory
Apple Sauce	8,700	8,000	0	700
Apples	25,500	24,900	300	900

The manufacturing costs totaled $260,000; beginning inventory $3,200.

Required -

1. Prepare a July income statement assuming that Farmer Company recognizes the byproduct revenue at the time of sale. The company uses FIFO for the inventory flow assumption.

2. Prepare the journal entry to record the byproduct sales.

Reference no: EM133122537

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Prepare a july income statement

Reference no: EM133122537

Reference no: EM133122537

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