PETS WEALTH
MILESTONE 3 - Statement of Cost of Services
INSTRUCTIONS:
The following are the actual numbers for January:
Materials
Purchased $5,000 of Materials
Consumed 40% of those purchased materials
Direct La
...
PETS WEALTH
MILESTONE 3 - Statement of Cost of Services
INSTRUCTIONS:
The following are the actual numbers for January:
Materials
Purchased $5,000 of Materials
Consumed 40% of those purchased materials
Direct Labor
Direct Labor was $6,240
Overhead
Overhead was $2,800
PETS WEALTH
Statement of Cost of Services
For the Month Ended January 31, xxxx
Beginning Work in Process Inventory 0
Direct Materials:
Materials - Beginning 0
Add: Purchases for month of January $ 5,000
Materials Available for Use 5,000
Deduct: Ending Materials (3,000)
Materials Used
$
2,000
Direct Labor
6,240
Overhead
2,800
Total Service Costs
$
11,040
Deduct: Ending Work in Process Inventory
Cost of Services
$
11,040
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* Cost of Goods Sold = Cost of Services
There is no finished goods inventory to maintain.
PETS WEALTH
MILESTONE 3 - Income Statement
INSTRUCTIONS:
Complete the Statement in proper form
Revenue will be provided in an Announcement at the end of Module 4
(based on actual number of services for your pricing levels)
Additional Information necessary to complete the Income Statement:
General & Administrative Salaries paid = $1,200
Advertising = $100
Cleaning Products = $120
Depreciation = $83
Rent = $650
Loan = $420
Utilities & Insurance = $600
PETS WEALTH
Income Statement
For the Month Ended January 31, xxxx
Revenue:
This study source was downloaded by 100000825083626 from CourseHero.com on 05-08-2021 05:50:59 GMT -05:00
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