Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture.
Required
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect.
2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2018.
Direct materials: $2,900
Factory overhead: $530
Direct labor: $900
Beginning work in process: none (December 31, 2017)
Ending work in process: $520 (January 31, 2018)
Beginning finished goods inventory: none (December 31, 2017)
Ending finished goods inventory: $350 (January 31, 2018)
3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2018.
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