The following data were summarized from the accounting recordsfor Huggins Constr

Question

The following data were summarized from the accounting recordsfor Huggins Construction company for the year ended June 30,2008.

Cost of goods sold:

ResidentialDivision               300,800

IndustrialDivision                 167,840

Administrative expenses:

ResidentialDivision               80,320

IndustrialDivision                 66,560

Service Department:

ResidentialDivision               54,240

IndustrialDivision                 24,960

Net Sales:

ResidentialDivision               516,000

IndustrialDivision                 321,920

Prepare divisional statements for Huggins ConstructionCompany.

(Note: Text states, Residential Division incomefrom operations, $80,640)

Explanation / Answer

          Huggins Construction            Incomestatement         For the Year ended June30, 2008                                       Total                 Residential              Industrial NetSales                  837,920                     516,000                     321,920 -COGS                     468,640                     300,800                     167,840 Gross Margin    369,280                     215,200                     154,080 -Operating Exp Adminexp                146,880                       80,320       66,560 service dept.    79,200       54,240       24,960 Inc. from operations  143,200                       80,640                        62,560

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