Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor Marketing costs Direct labor Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. (5000) $ 24,985.0 3,758.0 2,676.0 2,510.0 2,266.0 2,232.0 681.0 2,180.0 2,170.0 2,115.0 2,011.0 46.0 41.0 16.1 14.2 13.1 10.2

Alwar Brothers is a small, family-owned business that produces animal feed for dairy farms. The administrative offices and manufacturing plant of Alwar share the same building. Financial records provided by the company for the most recent fiscal year show the following (all amounts in thousands of dollars): Sales revenue Direct materials purchases Administrative costs Utilities (Note A) Indirect factory labor Marketing costs Direct labor Depreciation (Note B) Property taxes (Note C) Factory supplies Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, December 31 Direct materials inventory, January 1 Notes: A. 80% of this amount is for the factory. B. 85% of this amount is for the factory. C. 60% of this amount is for the factory. Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. (5000) $ 24,985.0 3,758.0 2,676.0 2,510.0 2,266.0 2,232.0 681.0 2,180.0 2,170.0 2,115.0 2,011.0 46.0 41.0 16.1 14.2 13.1 10.2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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