Stock Valuation

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ASSIGNMENT #1
DUE ON SUNDAY, JUNE 24

NAME: SEC: ID: ______________

1. Intraco Co. has the following account balances for the end of the year Dec 31, 2010

|Selling and administrative salaries |$120,000 |
|Purchase of raw materials |280,000 |
|Direct labor |? |
|Advertising expense |50,000 |
|Manufacturing overhead |$250,000 |
|Sales commission |$55,000 |

Inventory balances at the beginning and end of the year were as follows:

| |Beginning of the year |End of the year |
|Raw materials |$50,000 |$9,000 |
|Work in process |? |$30,000 |
|Finished goods |$50,000 |? |

Total manufacturing costs for the year were $780,000, goods available for sale totaled $760,000 and the costs of the goods sold $650,000.

Prepare a schedule of the costs of the goods manufactured , costs of the goods sold and an income statement for the year.

2. Jervin enterprise recorded the following transactions for the just