The accounting department of the Ruthven Company provided the following data for May: sales, $72,000;...
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Accounting
The accounting department of the Ruthven Company provided the following data for May: sales, $72,000; marketing expenses 5%; administrative expenses 1%; other expenses 5% of all sales purchase, $36,000; factory overhead 2/3 of direct labor; direct labor, $15,000 Beginning inventories Finished goods... $ 7,000 Work in process. 8,000 Materials. 8,000 Ending inventories Finished goods $ 10,200 Work in process. 15,000 Materials. 8,500 Required: 1) Cost of goods sold statement 2) Income statement
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