Required information [The following information applies to the questions display

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Required information [The following information applies to the questions displayed below] The following data refer to Twisto Pretzel Company for the year 20x1 Work-in-process inventory, 12/31/x(0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense $ 8,000 13,800 3,600 8,300 14,000 8,000 4,600 2,100 10,200 2,400 15,400 39,000 6,000 2,300 4,000 29,000 3,600 1,200 79,000 11,000 4,000 3,100 1,700 58,000 207,800 5,100

Explanation / Answer

workings:

Finished goods 12/31/x0           14,000 Cost of goods manufactured        1,74,900 Cost of goods available for sale        1,88,900 Finished goods 12/31/x1           15,400 Cost of goods sold        1,73,500 over applied overhead             3,600 Adjusted cost of goods sold        1,69,900

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