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StormLrd StormLrd
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6 years ago
Ontario Lumber Company prepares lumber for companies who manufacture furniture. The main product is finished lumber with a byproduct of wood shavings. The byproduct is sold to plywood manufacturers. For July the manufacturing process incurred $166,000 in total costs. Eighty thousand board metres of lumber were produced and sold along with 6,800 kilograms of shavings. The finished lumber sold for $3.00 per board metre and the shavings sold for $0.30 a kilogram. There were no beginning or ending inventories.

Required:
Prepare an income statement showing the byproduct (1) as a cost reduction during production and (2) as a revenue item when sold.
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
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pachopacho
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