Reference no: EM132646259

Questions -

Q1. Taylor Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:

Item Amount

Sales $850,000

Beginning Raw Material Inventory 74,000

Direct Material Purchased 308,000

Factory Overhead 90,000

Finished Goods Inventory-1/1 144,000

Work in process -1/1 74,000

Work in process-12/31 98,000

Ending Raw Material Inventory 58,000

Finished Goods Inventory-12/31 168,000

Net Income 65,000

Direct Labor 155,000

Cost of Goods Sold 655,000

Use this information to prepare detailed schedule of cost of goods manufactured for fy2018.

Q2. Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $6.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."