Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense—administrative office$36,200 Depreciation expense—plant and equipment 92,000 Direct labor—wages 534,300 Materials Inventory, Dec. 31 35,000 Materials Inventory, Jan. 1 25,000 Direct materials purchases 185,000 Finished goods inventory, Dec. 31 24,400 Finished goods inventory, Jan. 1 16,200 Heat, light, and power—plant 47,600 Indirect labor 27,400 Property taxes—plant 37,000 Sales representatives’ salaries 151,000 Sales revenue 1,628,000 Factory supervisor’s salary 67,800 Supplies—administrative office 18,400 Supplies—plant 30,200 Work-in-process inventory, Dec. 31 11,400 Work-in-process inventory, Jan. 1 26,000 Required:Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31.Huntersville, Inc

Schedule of Cost of goods manufactured Direct materials: Beginning raw material inventory…

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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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Consider the following information for Huntersville Inc. for the fiscal year ended December 31.


Depreciation expense—administrative office	$	36,200
Depreciation expense—plant and equipment		92,000
Direct labor—wages		534,300
Materials Inventory, Dec. 31		35,000
Materials Inventory, Jan. 1		25,000
Direct materials purchases		185,000
Finished goods inventory, Dec. 31		24,400
Finished goods inventory, Jan. 1		16,200
Heat, light, and power—plant		47,600
Indirect labor		27,400
Property taxes—plant		37,000
Sales representatives’ salaries		151,000
Sales revenue		1,628,000
Factory supervisor’s salary		67,800
Supplies—administrative office		18,400
Supplies—plant		30,200
Work-in-process inventory, Dec. 31		11,400
Work-in-process inventory, Jan. 1		26,000

Required:

Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31.

Huntersville, Inc

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