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Classify the costs listed in Alternate problem A as either product costs or period costs.
Presley Manufacturing Company is a producer of music compact discs (CDs) and tapes. The following account balances are for the year ended 2009 December 31
Administrative expenses
$60,000
Depreciation expense - Manufacturing equipment
50,000
Direct labor
468,000
Manufacturing supplies expense
40,000
Indirect labor
36,000
Beginning inventories, 2009 January 1:
Direct materials
14,000
Work in process
20,000
Finished goods
128,000
Ending inventories, 2009 December 31
44,000
56,000
92,000
Direct materials purchases
216,000
Rent expense - Factory
28,000
Sales
1,400,000
Selling expense
72,000
Other manufacturing overhead
126,000
a. Prepare a statement of cost of goods manufactured for Presley Manufacturing Company for 2009.
b. Prepare an income statement for the year ended 2009 December 31.
Prepare a Schedule of Cost of Goods Manufactured in good form and compute the Cost of Goods Sold.
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In its applicable financial statements, Orange reported $4,000 in 2009, $24,000 in 2010 and $20,000 in 2011 as gross revenues. Explain how much of the $48,000 must Orange recognize for federal tax purposes in 2009, 2010 and 2011
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