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$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089,200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 650,880 22,674,920 235,600 423, 250 416,700 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31

$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089,200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 650,880 22,674,920 235,600 423, 250 416,700 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments
Section: Chapter Questions
Problem 19E
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Question

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31.

a. Prepare a cost of goods manufactured and sold statement.

b. Prepare an income statement.

 

 

$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089, 200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 650,880 22,674,920 235,600 423,250 416,700
Transcribed Image Text:$ 2,645,000 1,162,000 1,770,000 4,712,500 1,089, 200 1,255,000 8,976,000 677,000 1,662,000 1,389,500 562,000 73,200 516,300 235,400 804,100 769,250 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance (on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 650,880 22,674,920 235,600 423,250 416,700
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